German fund invests 28 million USD in Vietnamese sugar company
Thanh Thanh Cong-Bien Hoa JSC (SBT) has announced that the German development finance institution DEG, owned by the German Government, invested 28 million USD to buy convertible preferred dividend stocks at 30,000 VND (1.26 USD) each, 84 percent higher than SBT’s market price on July 25.
HCM City (VNS/VNA) - Thanh ThanhCong-Bien Hoa JSC (SBT) has announced that the German development financeinstitution DEG, owned by the German Government, invested 28 million USD to buyconvertible preferred dividend stocks at 30,000 VND (1.26 USD) each, 84 percenthigher than SBT’s market price on July 25.
The preferred stockwill be subject to transfer restrictions for at least one year from theissuance day.
The preferreddividend period will be 6.5 years with a fixed dividend of 5.5 percent a yearfor the first 1.5 years and based on mutual agreement for the following years.
The stocks will nothave voting rights but can be converted into common stocks by agreement betweenthe two parties. The conversion price will be decided mutually at the time ofconversion but will not exceed 38,000 VND (1.63 USD).
The transaction isexpected to be completed in September, increasing SBT's capital by 3.7 percentto 6.084 trillion VND (262.14 million USD).
The company will use the money to makestrategic investments in the sugar business of HAGL in Laos it bought in 2017and mechanise and expand its organic sugar production.
SBT said this year it has also investedin Cambodia to expanding its sugarcane sourcing area in Indochina to 70,000ha.
In the HCM StockExchange’s latest update to the blue-chip VN30 Index in July 2019, a basket of30 stocks with the largest market capitalisation and highest liquidity, SBTretained its place and remains the only company from the sugar industry in theVN30 basket.-VNS/VNA
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