SEOUL, June 2 (Korea Bizwire) — SK Group, South Korea’s No. 3 conglomerate, said Tuesday it has become a major shareholder of Vietnamese pharmaceutical firm Imexpharm as part of efforts to diversify its business portfolio in the Southeast Asian country.
The energy and telecom conglomerate SK said its investment arm, SK South East Asia Investment Pte Ltd, acquired a 24.9 percent stake, or 12.32 million shares, in Imexpharm on Friday.
SK Group didn’t disclose the financial terms of the transaction, but Vietnamese media estimated the deal at US$28.9 million.
“SK’s investment unit based in Southeast Asia has acquired the stake in Imexpharm, a promising pharmaceutical company with both technological prowess and growth potential,” a group official said.
SK Group has been expanding its presence in Vietnam. SK has purchased 9.4 percent of Masan Group, Vietnam’s second-largest-cap group, and 6 percent of the country’s top private conglomerate Vingroup.
SK Energy, a group energy subsidiary, also owns 5.2 percent of Vietnam’s state-run PetroVietnam Oil.