Illustrative image (Source: VNA) HCM City (VNA) - Propertydeveloper Novaland Investment Group Corporation announced on May 2 that itsuccessfully listed its 160 million USD offering of convertible bonds on theSingapore Exchange Limited last week.
This is the first Vietnamese convertible bond listing on an international stockmarket in six years, it said.
The issue attracted interest from many investors in Asia and Europe, it said.
The US dollar denominated unsubordinated convertible bonds due in 2023 will beconverted into ordinary shares of the company at an initial conversion price of74,750 VND. The bonds, issued at par, carry a coupon of 5.5 percent payablesemi-annually in arrears and a yield to maturity of 6.25 percent.
Novaland also successfully raised 150 million USD from an equityplacement, taking the total capital raised to 310 million USD. It is thelargest ever issuance by a Vietnamese company involving a concurrent equityplacement and convertible bond offering.
The company said it would use the proceeds from the combined offering tofurther build its land holdings in prime locations and develop housingprojects, and for working capital and general corporate purposes.
The company plans to start three new projects this year.
Last week, at its annual general meeting, shareholders passed business plans forthis year, with expected sales of 21.78 trillion VND, after-tax profit of 3.2trillion VND, up 87 percent and 55 percent respectively.
Around 6,500 units are expected to be handed over this year at 11 projects, allof which have sold over 90 percent on average.-VNA
This is the first Vietnamese convertible bond listing on an international stockmarket in six years, it said.
The issue attracted interest from many investors in Asia and Europe, it said.
The US dollar denominated unsubordinated convertible bonds due in 2023 will beconverted into ordinary shares of the company at an initial conversion price of74,750 VND. The bonds, issued at par, carry a coupon of 5.5 percent payablesemi-annually in arrears and a yield to maturity of 6.25 percent.
Novaland also successfully raised 150 million USD from an equityplacement, taking the total capital raised to 310 million USD. It is thelargest ever issuance by a Vietnamese company involving a concurrent equityplacement and convertible bond offering.
The company said it would use the proceeds from the combined offering tofurther build its land holdings in prime locations and develop housingprojects, and for working capital and general corporate purposes.
The company plans to start three new projects this year.
Last week, at its annual general meeting, shareholders passed business plans forthis year, with expected sales of 21.78 trillion VND, after-tax profit of 3.2trillion VND, up 87 percent and 55 percent respectively.
Around 6,500 units are expected to be handed over this year at 11 projects, allof which have sold over 90 percent on average.-VNA
VNA
