HCM CITY — Masan Group Corporation said it has signed a deal for US$350 million primary investment in The CrownX Corporation by a consortium of investors comprising TPG, Platinum Orchid, which is wholly owned by the Abu Dhabi Investment Authority, and SeaTown Master Fund, which is managed by an indirect subsidiary of Temasek Holdings.
It marks the final round of funding for the TCX eco-system, which now adds up to over $1.5 billion from marquee global investors since it began in the first half of 2020.
It gives TCX a valuation of $8.2 billion, equivalent to $105 per share and representing a 12 per cent increase since the previous round.
Post the deal Masan will own 81.4 per cent of The CrownX. It intends to use the proceeds to invest in growth initiatives and do a share buyback.
The mini-mall concept, a unique integrated format offline and online offering a broad array of daily, essential products and services, gives The CrownX a cost-efficient model to win consumer wallet share across multiple industries.
Next on the agenda is developing fintech solutions like buy now pay later for the underserved mass market by leveraging its loyalty platform with Reddi at the core.
Danny Le, CEO of Masan Group, said: “We have outlined our Point of Life vision for over seven years now. The partnership with TPG, ADIA and SeaTown is a validation of our ability to bring to life our Point of Life vision.
“We [plan to next] shift our entire focus to scaling up our Point of Life platform nation-wide both off and online.
“We look forward to a 2023-2024 international IPO of The CrownX with three simple KPIs: increasing our share of the consumer wallet by expanding our network, digitising our entire platform to become a consumer tech company and double-digit profit margins.”
David Tan, managing director, TPG Capital Asia, said: “Powered by its rising middle class and rapid urbanisation, Việt Nam is well-positioned to be a significant driver of the next chapter of Asia’s consumption story.
“Having witnessed Masan’s turnaround of WinCommerce (WCM), we believe that The CrownX is the platform to capture this opportunity. They will develop the eco-system further to expand their services to create value for all Vietnamese consumers.”
Hamad Shahwan Al Dhaheri, executive director of the private equities department at ADIA, said: “In one of the fastest growing consumer markets globally, The CrownX is a proven, best-in-class operator with a strong management team, well-positioned to build the leading integrated omni-channel consumer eco-system in Việt Nam.
“This is yet another illustration of our global strategy of investing alongside leading partners such as the Masan Group and the wider shareholder base of The CrownX. Further building on our increasing focus on Southeast Asia, this commitment underscores our belief in Việt Nam’s strong underlying economic fundamentals.”
Steven Chua, deputy CIO at SeaTown Master Fund, said: “We are very excited to have the opportunity to partner with The CrownX and Masan organisation through this investment. We see a compelling long-term consumption growth story in Việt Nam and The CrownX is well-positioned to capture this growth through the company’s transformative initiatives.”
All corporate actions are subject to customary corporate and regulatory approvals.
Credit Suisse (Singapore) Limited acted as the exclusive financial advisor to Masan Group. — VNS
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