The CrownX Announces Final Fundraising of US$350 Million; Partners with TPG, ADIA and SeaTown


Ho Chi Minh City, Vietnam, December 13, 2021 /PRNewswire/ — Masan Group Corporation (FLEXIBLE: MSN, “Masan”) today announced the signing of a $350 million principal investment in The CrownX Corporation (the “Company”, “TCX”) by a consortium of investors, including TPG, Platinum Orchid (a wholly owned subsidiary of Abu Dhabi Investment Authority) (“ADIA”) and SeaTown Master Fund, managed by an indirect subsidiary wholly owned by Temasek Holdings (the “Transaction”). The transaction marks the latest fundraising for the TCX ecosystem, which has attracted over $1.5 billion of investments from renowned global investors since its inception in 1H2020.

Member companies and associates of the Masan Group are industry leaders in branded consumer goods, modern retail, financial services, telecommunications and other sectors.

A customer selects products in a VinMart (now WinMart) supermarket operated by Masan Group

A customer selects products in a VinMart (now WinMart) supermarket operated by Masan Group

The Transaction involves a post-money valuation of $8.2 billion for 100% of the capital of TCX, i.e. the equivalent of $105 (vs. VND2,415,000) per share, which represents a 12% increase in valuation compared to the previous fundraising. Following completion of the Transaction, Masan will own 81.4% of The CrownX. The Company intends to use the proceeds of the transaction to invest in growth initiatives and repurchase shares.

The mini-mall concept, a single integrated online or offline format offering a wide range of everyday essential products and services, provides The CrownX with a cost-effective model to earn consumer wallet share across multiple use cases. consumers. The next game changer will develop fintech solutions, including buy-now, pay-later products, for underserved mass-market consumers by leveraging its loyalty platform with Reddi at its core.

Mr. Danny Le, Chairman and Chief Executive Officer (CEO) of Masan Group, said, “We have been defining our Point of Life vision for over 7 years now. The partnership with TPG, ADIA and SeaTown is a validation of our ability to bring our Point of Life vision. This marks the end of our capital raising activities at The CrownX as we fully focus on expanding our Point of Life platform nationwide, both offline and online. We look forward to an international IPO of The CrownX in 2023-2024 with 3 simple KPIs: i) increase our consumer wallet share by expanding our network, ii) digitize our entire platform to become a business consumer technology, and iii) double-digit profit margins.”

“Propelled by its rising middle class and rapid urbanization, Vietnam is well positioned to be an important driver of the next chapter of from Asia consumer story,” said David Tan, managing director of TPG Capital Asia. “Having witnessed the turnaround of WinCommerce (WCM) by Masan, we believe The CrownX is the platform to seize this opportunity. They will further develop the ecosystem to expand their services to create value for all Vietnamese consumers. Leveraging our deep investment experience in the consumer and South East Asia, we look forward to working with The CrownX leadership team to accelerate the company’s vision.”

Hamad Shahwan Al Dhaheri, Executive Director of Private Equity at ADIA, said: “In one of the fastest growing consumer markets in the world, The CrownX is a proven, best-in-class operator with a strong team. executive, well positioned to build the leading integrated omnichannel consumer ecosystem in Vietnam. It is a further illustration of our global strategy of investing alongside leading partners such as the Masan Group and the wider shareholder base of The CrownX. Building on our increasing emphasis on South East Asia, this commitment underlines our belief in from vietnam strong underlying economic fundamentals. »

Steven Chua, Deputy CIO of SeaTown Master Fund, said, “We are very pleased to have the opportunity to partner with the CrownX and Masan organization through this investment. We see a compelling story of long-term consumption growth in Vietnam and The CrownX is well positioned to capture this growth through the company’s transformation initiatives. »

All corporate actions mentioned are subject to customary corporate and regulatory approvals. Swiss credit (Singapore) Limited acted as the exclusive financial advisor to the Masan Group.

MASAN GROUP CORPORATION

Masan Group Corporation (“Masan” or the “Company”) believes in doing well by doing good. The company’s mission is to provide better products and services to the 100 million people of Vietnam, so that they can pay less for their basic necessities. Masan aims to achieve this goal by driving productivity with technological innovations, trusted brands, and focusing on fewer but bigger opportunities that have the most impact on lives.

Member companies and associates of the Masan Group are industry leaders in branded fast moving consumer goods, branded meats, modern retail, F&B retail, financial services, telecommunications and value-added chemical processing, together representing segments of from vietnam the most transformationally growing economy.

GPT

TPG is a global leader in alternative assets founded in San Francisco in 1992 with $108 billion assets under management and investment and operational teams in 12 offices around the world. TPG invests across five multi-product platforms: capital, growth, impact, real estate and market solutions. TPG aims to create dynamic products and options for its clients while instilling discipline and operational excellence in its investment strategy and portfolio performance.

ADIA

Founded in 1976, ADIA is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on creating long-term value.

CITY OF SEA

SeaTown Holdings International (“SeaTown”) is a Singaporeinvestment manager focused on alternative absolute return strategies. With over $6 billion of assets under management, SeaTown manages multi-asset and public credit strategies via open funds as well as private investment strategies in closed funds. SeaTown is a wholly owned subsidiary of Seviora Holdings and indirectly owned by Temasek Holdings.

This press release contains forward-looking statements regarding Masan’s expectations, intentions or strategies that may involve risks and uncertainties. These forward-looking statements, including Masan’s expectations, involve known and unknown risks, uncertainties and other factors, some of which are beyond Masan’s control, which may cause results of operations, financial condition, performance or real achievements of Masan significantly different. of those expressed or implied by the forward-looking statements. You should not rely on any forward-looking statements as predictions, future events or promises of future performance.

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SOURCE Masan Corporation Group

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