GIC said to make another Vietnam bet with Masan group stake

(Oct 6): GIC, the Singapore sovereign wealth fund, is making another bet on Vietnam by purchasing a stake in local conglomerate Masan Group Corp, people with knowledge of the matter said.

The state investment firm bought roughly half of KKR & Co’s 4.7% stake in Masan, according to the people, who asked not to be identified because the information is private. It purchased the stock as part of a placement by KKR, which offloaded its entire holding in a US$209 million ($289 million) deal, the people said.

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 sees potential opportunities in emerging markets, which are experiencing “idiosyncratic” rather than “systemic” challenges.

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