TCH plans to issue 1.2 million convertible corporate bonds

February 19, 2019 - 17:57

Hoàng Huy Investment Financial Services JSC (TCH) plans to issue VNĐ1.2 trillion (US$51.5 million) worth of convertible corporate bonds in 2019 at the par value of VNĐ1 million ($43) for each bond.

The financial services and investment firm Hoàng Huy Group plans to issue 1.2 million corporate bonds, worth VNĐ1.2 trillion (US$51.5 million), to raise capital for future business projects. — Photo vietnamfinance.vn

Viet Nam News

HÀ NỘI — Hoàng Huy Investment Financial Services JSC (TCH) plans to issue VNĐ1.2 trillion (US$51.5 million) worth of convertible corporate bonds in 2019 at the par value of VNĐ1 million ($43) for each bond.

The bonds will mature in three years from the issuance date and the bond yield rate is set at maximum 7 per cent per year.

Bondholders are able to trade their assets in 12 months from the issuance date. The convertible price for the bonds is adjusted when the company issues additional shares, split, merge and classify shares.

The bond issuance will help TCH increase its capital to fund its business activities and investment projects, TCH said in a statement.

In addition, TCH also plans to curb its foreign capital limit to 3.9 per cent from current 49 per cent, which is expected to keep foreign ownership at the company always below 49 per cent after the corporate bonds are issued.

The two plans will be proposed at the firm’s coming extraordinary shareholder meeting, which is scheduled to take place on February 23.

The list of attending shareholders was approved on November 14, 2018.

TCH is listing on the Hồ Chí Minh Stock Exchange with code TCH. The firm shares gained 2.3 per cent to end Tuesday at VNĐ22,500 ($0.96) per share. — VNS

Tags Vietnam issuance Vietnam News corporate bonds news TCH

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