Vietnamese food producer Masan Group Corp on Monday said it has received a $250 million investment pledge from global investor KKR & Co LP, in the latest move by a foreign firm seeking to tap Vietnam’s fast-growing middle class.
Masan in a statement said KKR has agreed to buy $100 million worth of shares from Danish private equity firm PENM Partners, and buy 7.5 percent of Masan Nutri-Science for $150 million.
“With KKR’s investment in Masan, we will be in a stronger position to deliver on our commitment to Vietnamese consumers,” said Masan chairman Nguyen Dang Quang.
KKR invested $359 million in Masan Consumer Corp in 2013. It divested of its stake last year.
“Vietnam holds great opportunity with its growing economy and favorable demographic trends. KKR is committed to investing in the market by partnering with leading companies such as Masan Nutri-Science,” said Ashish Shastry, head of KKR Southeast Asia.
Singha Asia Holding Pte Ltd, controlled by Thai tycoon Santi Bhirombhakdi, bought a $1.1 billion stake in Masan Group’s consumer goods and beer units in December 2015.