Singapore's sovereign wealth fund GIC bought roughly half of US-based KKR & Co.'s 4.7% stake in Masan, Bloomberg reported.
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KKR is exiting its Masan investment after shares of the Vietnamese conglomerate more than doubled. The private equity firm sold 54.8 million Masan shares at VND89,200 (US$3.84) apiece, the midpoint of a marketed range.
An investment in Masan will join GIC purchases in Vietnam's airlines, banking and real estate industries. GIC Chief Executive Officer Lim Chow Kiat said last month that he saw potential opportunities in emerging markets, which are experiencing "idiosyncratic" rather than "systemic" challenges.
The sale price represents a 5% discount to Masan's Thursday (October 4) close. The shares were offered at VND87,800 - 90,600 (US$3.78 - 3.90) each, according to terms for the deal obtained by Bloomberg earlier.
KKR's offering was oversubscribed with strong demand from long-only funds and local investors, according to Bloomberg. The top five investors who participated bought about 85% of the offering.
In April 2017, KKR said it was buying US$100 million of Masan stock from Danish private equity firm PENM Partners. It also spent another US$150 million for a stake in Masan's meat business, according to a statement at the time.
Masan shares have risen 109% from KKR's announcement of the investments' completion through October 4, compared with a 44% gain in the benchmark VN Index over the period.
