SSI and foreign funds direct $21 million in bonds into Hai An Transport & Stevedoring

March 01, 2024 | 11:29
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Hai An Transport & Stevedoring JSC announced a landmark investment collaboration with prominent foreign investment funds led by SSI Asset Management Co., Ltd. (SSIAM) on February 28.
SSI and foreign funds direct $21 million in bonds into Hai An Transport & Stevedoring

SSIAM, in tandem with advisory services from SSI Securities Corporation, orchestrated the transaction that successfully facilitated Hai An's issuance of VND500 billion ($21 million) in privately placed convertible bonds. The four participating investors include Japan South East Asia Finance Fund III L.P., Daiwa-SSIAM Vietnam Growth Fund III L.P. (DSVGF), Vietnam Growth Investment Fund L.P (VGIF), and SSIAM.

SSIAM, additionally, manages the private investment funds VGIF and DSVGF in partnership with Japanese entities.

This investment deal represents Hai An Transport and Stevedoring JSC's inaugural foray into successfully raising capital through a convertible bond issuance, marking the initiation of collaborations with prominent financial institutions domestically and internationally.

As the lead investor, SSIAM represents significant international entities such as the Japan Bank for International Cooperation, Daiwa Securities Group (Japan), and Thailand's CP Group. SSIAM played a pivotal role in structuring the investment, negotiating terms, addressing emerging issues, and ensuring the seamless progression of the transaction.

With Vietnam's import and export trade activities poised for robust growth, the maritime transport sector is anticipated to be a key driver. The demand for maritime transport has surpassed previous lows, and the supply of vessels in the smaller size category remains relatively stable.

Responding to this landscape, Hai An aims to fortify its fleet to augment domestic transport capacity and expand its intra-Asia transport routes.

Presently, Hai An holds the premier position in Vietnam's maritime transport sector, boasting an integrated value chain comprising transport, ports, warehouses, and associated services. In 2024, the company projects a 45 per cent increase in total capacity, paving the way for new connections with domestic and international routes.

Speaking on behalf of the investor consortium, Nguyen Ngoc Anh, CEO of SSIAM, expressed high regard for Hai An's potential and a shared aspiration to be long-term investors in the company.

"This transaction signifies a new chapter in Hai An's development, with expectations of expanding its footprint across the Asian region. Additionally, it stands as a significant milestone in the collaboration between SSIAM and Hai An," Anh stated.

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