The Việt Tiến Garment Joint Stock Corporation (VGG) has issued 14 million shares converting 1.4 million corporate bonds for VNĐ100,000 each and added VNĐ420 billion (US$18.7 million) to its capital.

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Việt Tiến garment firm adds $18.7 million to capital

April 06, 2016 - 10:51

HÀ NỘI (VNS) — The Việt Tiến Garment Joint Stock Corporation (VGG) has issued 14 million shares converting 1.4 million corporate bonds for VNĐ100,000 each and added VNĐ420 billion (US$18.7 million) to its capital.

Việt Tiến has to convert those bonds with a rate of 1:10, which means each bond is worth ten shares. Each bond is valued at around VNĐ640,000 as the company’s shares closed at VNĐ64,500 each yesterday.

The bonds which were issued for the company’s shareholders at the end of 2012, had a maturity of three years for a yield rate of five per cent and must be converted by the end of February 2016.

According to the company’s first-half combined financial report for 2015, those bonds were listed as a due long-term loan, which was worth VNĐ157 billion.

VGG was listed on the Unlisted Public Company Exchange (UPCoM) on March 10. — VNS

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