Singapore's Orchid Capital Investments has become the second foreign investor to sell off its stake in Vietnamese consumer giant Masan Group Corp., since the beginning of this year, according to a Vietnamese media report Tuesday.
The private fund sold its 45 million shares, equivalent to a 6 percent stake, for around VND1.3 trillion (US$57.65 million) Monday, according to business news website cafeF.
It cited an unnamed source as saying that the buyers were foreign companies, including Singapore sovereign fund GIC.
Earlier this month the Hong Kong subsidiary of Switzerland-based financial company Credit Suisse sold its 8.9 million shares in the company to two Vietnamese individual investors for VND660 billion ($29.27 million), according to the Vietnam Security Depository.
Masan owns 32.53 percent of the company and another 13.37 percent through its subsidiary, Sunflower Construction Co., Ltd.
US private equity fund PENM II is another major foreign investor with a 5.36 percent stake, cafeF reported.