|Novaland plans to list common shares, corporate bonds or convertible bonds on the Singapore Stock Exchange or another foreign stock exchange in 2018 or 2019. — Photo vietnaminsider.vn
HÀ NỘI — Novaland Investment Group Corporation has sought shareholders’ approval to list securities on international stock exchanges and issue additional shares.
The real estate firm plans to list common shares, corporate bonds or convertible bonds on the Singapore Stock Exchange or another foreign stock exchange in 2018 or 2019. The board of directors or authorised persons are expected to execute the necessary procedures for the listing process.
Novaland has also proposed a plan to issue a maximum of 100 million shares in a private placement to local and international investors this year. The offering price will be not lower than the book value per share at the time of issuance.
The issuance aims to raise working capital, including capital of subsidiaries and affiliates, and buy shares in other companies, as well as help restructure its debts.
Regarding the convertible bond issuance plan, Novaland will increase its bond value from US$250 million to $300 million. The issuance is projected to support the firm’s capital increase and debt restructuring.
The bonds will be offered in a private placement to foreign investors with financial and technical capability to support the company’s business development. Investors will be subject to a one-year lock period since the date of issue.
According to the adjusted plan, the bonds may be converted into ordinary shares (instead of the mandatory conversion in the old plan) at a minimum price of VNĐ50,000 ($2.20) each, applying a dilution adjustment to protect the company and investors’ benefits.
In addition to this, the firm has also sought the approval to supplement chairman Bùi Thành Nhơn to the company’s legal representatives, in addition to its legal investment manager and chief executive officer.
Novaland’s shares, coded NVL, has climbed nearly 23 per cent this year and is being traded at some VNĐ80,000 per share on HCM Stock Exchange. — VNS