NewCo raises $261 million to acquire Phu Quoc project
By Minh Trang
May 17, 2019 | 02:57 PM GMT+7
NewCo Service JSC has announced its successful issuance of $261 million worth of corporate bonds to Techcombank in early May, as part of an attempt to upsize its working capital for ongoing operations.
NewCo will acquire seven hotel-condotel buildings of the Grand World
The bond is designated to mature in 18 months, on a mixture of fixed and floating interest rates and mortgaged against NewCo’s properties in Phu Quoc island, shares of a listed company and equity at New Vision,.
The coupon for the first three-month maturity, as circulated by NewCo to the Hanoi Stock Exchange, stands at 10.35 per cent a year. The interest rates for the following three-month and six-month terms will vary between 2.42 and 3.42 per cent, plus the mid- to long-term borrowing rates referenced by Techcombank.
Techcombank has been reported to be the sole buyer of NewCo’s bonds while Techcombank Securities is the placement agent of the bond issuance.
Prior to the $261-million bond issuance, NewCo intended to issue 26 million corporate bonds in March, at the face value of $4.3 a piece on a 14-month tenure, due to a change in business plans.
NewCo Service JSC has a chartered capital of roughly $68 million.
According to NewCo, the company will continue focusing on its core business of real estate in the coming tine.
NewCo has indicated its plan to acquire part of the Grand World project in Phu Quoc, which is developed by NewVision. In particular, NewCo plans to acquire seven condotel buildings with 5,492 units, of the grand project.
Japan's Hulic Co. has entered a joint venture with Indochina Kajima to develop ready-built factory projects in Vietnam, as the country cements its position as a key manufacturing hub in Asia.
Menas has officially opened Mena Gourmet Market, a premium integrated supermarket located on the B1 floor of Menas Mall Saigon Airport, near Tan Son Nhat International Airport in Ho Chi Minh City.
V-GREEN and Prime Group have signed a memorandum of understanding to develop a network of charging stations for VinFast electric vehicles across Indonesia.
Menas Vietnam has signed a strategic memorandum of understanding with SVD-Group, marking a significant milestone in introducing premium Russian products to Vietnamese consumers.
Menas has recently signed a strategic partnership agreement with Ngoc Duy Group and Da Dream Farm to introduce high-quality agricultural products from Lam Dong province to the nationwide distribution network of Mena Gourmet Market.
