Business

Vingroup seeks to raise $750 million via international bond issuance

By Minh Trang August 07, 2019 | 04:41 PM GMT+7

Vietnam’s largest listed enterprise in terms of market capitalisation is seeking for its shareholders’ approval on the issuance of $750 million worth of bonds to global investors in 2019.

Vingroup’s bonds are to be listed on the Singapore Stock Exchange

Vingroup has made a proposal to its shareholders on August 1 seeking for approval on its plan to issue up to $750 million in international bonds. This comes as part of an attempt for the conglomerate to raise additional funding for its own investment projects as well as its subsidiaries’, and at the same time enhance its working capital.

The bonds are non-convertible and unguaranteed, with a par value of $200,000 apiece. The coupons could be floated, fixed or a mixed between these two and the bonds would mature in three, five or seven years, depending on the decision of the board of directors and market conditions at the time of the issuance.

The time for the issuance is scheduled for the remaining months of 2019, with the exact date subject of regulatory approval. Vingroup’s bonds are to be listed on the Singapore Stock Exchange accordingly.

Vingroup has also proposed the election of Park Woncheol, director of SK Investment Vina II Pte. Ltd. to be a new board member for the tenure of 2016-2021, to replace Joseph Raymond Gagnon, who represented Warburg Pincus and has resigned on July 8.

Singapore-based SK Investment Vina II is a subsidiary of Korean-backed SK Group and currently holds almost 206 million shares, equivalent to 6.15 per cent of Vingroup.

For the second quarter of 2019, Vingroup reported a total revenue of VND39.5 trillion ($1.71 billion) and post-tax profit of VND2.3 trillion ($100 million), an up of 22.4 per cent and 218.1 per cent on-year, respectively. 

Cen Land transforms into real estate developer with bold goals

Cen Land transforms into real estate developer with bold goals

Business -  1 week

Cen Land is shifting from brokerage to development, targeting a 170% revenue increase and 424% profit growth in 2025.

Menas signs to elevate lifestyle experiences at Keppel’s properties in Vietnam

Menas signs to elevate lifestyle experiences at Keppel’s properties in Vietnam

Business -  1 month

Menas Group has entered a strategic partnership with Keppel to co-develop an integrated ecosystem of lifestyle services across Keppel’s real estate projects in Vietnam, beginning with the landmark Celesta City development in Saigon South.

Phuc Sinh secures $15 million investment from Dutch investor for sustainable expansion

Phuc Sinh secures $15 million investment from Dutch investor for sustainable expansion

Business -  1 month

Phuc Sinh’s expansion underscores Vietnam’s growing role in sustainable agriculture and its increasing appeal to global investors

PVI Asset Management and SonKim Capital partner to revolutionize real estate investments

PVI Asset Management and SonKim Capital partner to revolutionize real estate investments

Business -  1 month

PVI Asset Management (PVI AM) and SonKim Capital (SK Capital), a business unit of SonKim Group has announced a strategic collaboration to develop innovative real estate investment products tailored for institutional investors and high-net-worth individuals.

Filum AI secures $1 million amidst funding winter

Filum AI secures $1 million amidst funding winter

Business -  1 month

Filum AI has successfully raised $1 million in funding despite a challenging venture capital market, underscoring the potential of AI and shifting investment strategies.

New decree eliminates barriers and enhances access to financing for enterprises

New decree eliminates barriers and enhances access to financing for enterprises

Business -  2 month

Enterprises are advised to promptly assess and evaluate the impact of the changes in the newly-issued to ensure timely compliance in the upcoming tax finalization period.