Last Friday, Masan's shares fell to 58,000 dong ($2.36)apiece, their lowest level since 2020, on rumours of a possible $500 million cash outflow from SK's investment in Masan in the near term, according to brokers and traders.

Masan's chief executive Danny Le denied the rumours.

"SK continues to maintain a very strategic partnership with Masan," he said at an event on earnings. "We are working on a multi-year solution... and we understand cash is king right now."

SK in 2018 acquired the largest foreign stake in Masan for about $470 million, in a deal that valued the Vietnamese diversified business group at about $5 billion.

Le told analysts and investors that Masan would announce the agreement in the next couple of days.

In an earlier statement Masan said SK Group was a long-term partner of Masan Group; and both corporates were working together to mutually maximise shareholder value.

At the event, Le said Masan was also in "proactive" talks with U.S.-based Bain Capital to upsize the transaction.

Earlier this month, Bain Capital made its first investment in Vietnam, with at least $200 million in the Vietnamese conglomerate.

($1 = 24,565.0000 dong)

(Reporting by Phuong Nguyen)