Monday , January 30 2023

South Korea’s SK Group may sell some Southeast Asia assets: media

South Korea’s second-largest conglomerate SK Group said on Monday it is considering selling some of its assets in Southeast Asia and reinvesting in other businesses in countries in the region, including Vietnam.

An SK Group spokesperson said in a statement the conglomerate plans to decide which assets to potentially sell depending on buyers’ offers, and is considering reinvesting some of the proceeds from any stake sales in local firms.

The statement didn’t disclose details of which assets might be sold.

The comments came after South Korean newspaper the Korea Economic Daily reported SK’s plans late on Sunday citing unnamed investment banking sources.

Assets held by SK Group’s Southeast Asia investment firm that could be sold, according to the paper, include stakes in Vietnam’s Vingroup, Masan Group, retail pharmacy chain Pharmacity, retailer VinCommerce and consumer retail platform The Crown X.

It also has a stake in Malaysian fintech company Big Pay, the paper said.

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