Vincom strikes it rich

July 13, 2011 | 16:00

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Vincom has successfully raised $40 million from the international market

Vincom, Vietnam’s largest listed real estate company by market value, has entered into a $40 million convertible bonds with an interest rate of 6 per cent per annum for 11 months and being able to be converted into shares.

Credit Suisse AG, Singapore Branch, is the arranger of the transaction.

It is the second time Vincom has successfully mobilised funds from the international market. Vincom intends to use the funds to supplement its working capital.

Earlier in 2009, Vincom issued and listed $100 million convertible bonds listed on the Singapore Stock Exchange with a five-year term. All these bonds were converted into VIC-coded shares at the conversion price of VND60,000 per share and redeemed by Vincom in June, 2011.

By the end of June 2011, Vincom’s charter capital was VND3.9 trillion ($190 million), its total stock market value $2.6 billion and its 2010 profit-after-tax VND2.4 trillion ($117 million).

Established in 2002, Vincom is the developer of a series of large-scale real estate projects in Hanoi and Ho Chi Minh City such as the Vincom Center in Ho Chi Minh City.

By Thanh Thuy

vir.com.vn

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