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Vietnam Investment – Case Study
In Vietnam, SK secured co-investment rights with Vietnam’s leading conglomerates and PE firms, and exercised to invest in
attractive targets on the same valuation/terms » Future deal opportunities to be provided to SK-managed Fund
Strategic Partnership with Co-Investments
Local #1 Players (Proprietary & Exclusive Deal Flows)
Vietnam
Strategic investments into #1 local players Follow-on investments by exercising SK’s strategic co-
with strategic co-investment rights ※ investment rights secured by Vin/Masan group investment
Vietnam’s #1 private conglomerat ROFO Vietnam’s #1 modern trade chain operator
Real estate, Hotels and resorts, EV car, 2,300+ supermarket and minimart (CVS) chains
healthcare, education nationwide; Vingroup sold it to Masan in ‘20
※ SK’s Strategic Rights Vietnam’s #1 F&B and Retail group Co-Investment SK also secured conversion right of
F&B consumer products and 2,300+ super Rights WCM stake into CrownX
1 Co-investment rights on the same market and minimart (CVS) chain (with downside protection of 10% IRR)
value/terms up to 50% stake in
related business sector or 33.3% in
other sectors
2 Pre-IPO acquisition rights to Vin/Masan
Group subsidiaries up to 30% of IPO Vietnam’s #1 F&B and Retail chain operator
volume at 10% discounted price Intermediary holding company of Masan to integrated
Complimentary fund play with leading local Masan’s F&B business (MCH) with Wincommerce
3 ROFO to major equity/asset sales PE firms for deal sourcing
(when the value exceeds 10% of total
assets)
Vietnam’s #1 PE firm by AUM Vietnam’s leading pharmaceutical company
4 ROFR to majority shoulders’ divesture EU-GMP certified plants to manufacture high-grade
of control stake Set up of co-GP fund with SK in ‘21 drugs in Vietnam
5 Downside protection (Put option in 5
years)
6 Right to nominate 1 director Vietnam’s #2 PE firm by AUM Vietnam’s #1 pharmacy chain
Distant market leader in terms of # of modern trade
(BOD member) Set up of co-GP fund with SK in ‘21 pharmacies with strong brand reputation
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