Vietnam’s Masan to delay the listing of its retail unit The CrownX

(Source: WinMart+)

Vietnamese conglomerate Masan Group is considering issuing up to $500 million worth of international convertible bonds and will delay the overseas listing of its retail unit, The CrownX, its chief executive officer said on Monday.

Responding to questions from shareholders at its annual meeting in Ho Chi Minh City, CEO Danny Le said the initial public offering (IPO) for The CrownX would be pushed back to 2024 or 2025, due to unfavourable market conditions.

“We are preparing the IPO for The Crown X but with all that are going on with the bond and the development in terms of market landscape and the legal framework here, we need to wait for another 12 months,” Le said at the meeting, which was streamed live.

Masan last year flagged that it was considering all aspects for the The CrownX listing that could be on the New York Stock Exchange, or in Hong Kong, Singapore or Vietnam, in 18-24 months.

Masan on Monday said it was also seeking to raise funds from international bond sales to finance its investment activities, supplementing working capital and restructuring the group’s foreign debts.

The bonds, which will be issued this year or in 2024, will be listed on the Singapore Stock Exchange with a tenor of five years, unsecured and unwarranted.

  • Reporting by Phuong Nguyen; Editing by Martin Petty, of Reuters.

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