Masan Consumer's products in a Vinmart store. — Photo cafef.vn

According to Masan Board of Directors’ resolution announced on Tuesday, Masan received 83.74 per cent of shares of VCM and issued options to receive shares of a combined company which would hold shares and operate both VCM and Masan Consumer Holdings Company Limited.

VCM was founded on August 5, 2019 with charter capital of VND1 billion, in which Vingroup held a stake of 64.3 per cent.

VCM’s charter capital was then raised to VN6.437 trillion and the company wholly owned VinCommerce which operated VinMart and VinMart+ store chains.

It was estimated that Masan must spend around VND5.4 trillion to hold the controlling stake at VCM.

The combined company would own a distribution network of 2,600 VinMart and VinMart+ stores in 50 provinces and cities together with 14 hi-tech farms of VinEco.

In early December, Masan and Vingroup announced a share swap agreement to merge Vingroup’s retail (VinCommerce) and agriculture (VinEco) arms with Masan Consumer Holdings to create the country’s biggest retail company.

Accordingly, Vingroup would swap all shares in VinCommerce into shares of the combined company which would be operated by Masan Group while Vingroup would be a shareholder.

Masan Consumer is one of Viet Nam’s largest FMCG companies. — VNS