Masan Group increases stake in The CrownX to 84.9%Masan Group has raised holding stake in its subsidiary The CrownX to 84.9% from 80.2% from acquiring shares from minority shareholders, company said in a statement.
Value of the stake purchased by Masan Group has not been disclosed. The transaction is expected to be an optimal use of the Group’s cash and support the growth and profit trajectory of The CrownX.
“We will hit a key milestone this year with VinCommerce becoming profitable. We are turning our focus on expansion to build the nation’s No.1 network while keeping our profit momentum intact. This turnaround gives us confidence to invest big to accelerate our offline-to-online strategy. We believe The CrownX is undervalued based on its expected 2021 financial performance and its current valuation does not price in the upside of our off-to-online platform.” said Danny Le, Chief Executive Officer of Masan Group.
The group has expanded store network back to more than 3,000 and is expected to open additional 300-500 VinMart+ minimarts by year end. The new stores projected to deliver break-even EBITDA in 6-12 months due to a revamped and more efficient supply chain model, total commercial margin uplift, and a winning assortment to drive consumer traffic.
Masan Consumer Holdings posted double-digit top and bottom-line growth in 1H2021, despite overall FMCG market de-growing in 1H2021.
Alibaba Group and Baring Private Equity Asia did not sell its shares as a part of the Transaction. The Group still plans to raise an additional $300-400 million at The CrownX in 2H2021.
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