The Ho Chi Minh City Stock Exchange (HoSE) announced Tuesday afternoon that 205.7 million VIC shares of Vingroup were bought by SK Investment Vina II – a subsidiary of the SK Group, on May 21.

With a 6.15 percent stake in Vingroup, SK Group has become a major shareholder under Vietnamese law, a status conferred on a shareholder directly or indirectly owning at least 5 percent of voting shares.

The transaction happened five days after Vingroup and SK Group signed a strategic cooperation agreement.

According to the agreement, SK Group would spend VND23.3 trillion ($996 million) on 154.3 million newly issued shares and 5.14 million VIC shares owned by VinCommerce, Vingroup’s retail arm. All shares would be bought at a fixed price of VND113,000 ($4.83) per share.

With this transaction, Vingroup has almost completed its plan to raise at least VND25 trillion ($1.08 billion) through private placements to foreign investors, a move approved by shareholders in March.

The conglomerate wanted to offer 250 million shares, which are equivalent to 7.8 percent of all outstanding VIC shares, to a maximum of five investors, at a price not lower than VND100,000 ($4.27) per share.

The group plans to use VND10 trillion ($427 million) of the proceeds to restructure its debts, VND6 trillion ($256 million) to invest in its auto company VinFast, technology firm VinTech and smartphone maker Vinsmart.

On the stock exchange, VIC shares are currently trading for VND115,000 ($4.92), nearly 2 percent higher than the offering price for strategic shareholders.

Originally a real estate firm, Vingroup has expanded into manufacturing, education, healthcare, retail, and pharmaceuticals.

VIC currently has the highest market cap in the Vietnamese stock market.