Economy
Runners to see more citadel’s beautiful sights in VnExpress Marathon Huế’s new routes
1.
 |
| Victoria Village, a new housing project being developed in HCM City’s District 2 by Novaland. — VNS Photo |
Viet Nam News
HCM CITY — Property developer Novaland Investment Group Corporation on Wednesday announced that it successfully listed its US$160 million offering of convertible bonds on the Singapore Exchange Limited last week.
This is the first Vietnamese convertible bond listing on an international stock market 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 be converted into ordinary shares of the company at an initial conversion price of VNĐ74,750. The bonds, issued at par, carry a coupon of 5.5 per cent payable semi-annually in arrears and a yield to maturity of 6.25 per cent.
Novaland also successfully raised $150 million from an equity placement, taking the total capital raised to $310 million. It is the largest ever issuance by a Vietnamese company involving a concurrent equity placement and convertible bond offering.
The company said it would use the proceeds from the combined offering to further build its land holdings in prime locations and develop housing projects, 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, shareholder passed business plans for this year, with expected sales of VNĐ21.78 trillion, after-tax profit of VNĐ3.2 trillion, up 87 per cent and 55 per cent respectively.
Around 6,500 units are expected to be handed over this year at 11 projects, all of which have sold over 90 per cent on average. VNS
