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Vietnam's Masan Group lifts stake in coffee chain Phuc Long Heritage

Retail giant now owns 85% of beverage seller

Vietnamese retail giant Masan Group is pushing to expand through coffee shops and other businesses. (Source images from Masan website)

HANOI -- Vietnamese retail giant Masan Group has increased its stake in tea and coffee chain Phuc Long Heritage from 51% to 85% for 3.6 trillion Vietnamese dollars ($154 million).

The Sherpa Co., a direct subsidiary of Masan Group, acquired around 10.8 million ordinary shares, equivalent to 34% equity interest, in Phuc Long Heritage. As a result, Masan's equity interest in the beverage chain is now 85%, according to Masan's financial statement for the first six months of this year.

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