HAGL to sell $200 mln bonds in Singapore
Print 
Vietnamese property giant Hoang Anh Gia Lai Joint Stock Company will raise US$ 200 million from the sale of five-year bonds on the Singapore Stock Exchange in January.
The coupon will be based on the group’s credit rating to be done by Standard and Poor’s and Moody’s.
Vo Truong Son, HAGL deputy CEO, said the company will have the right to buy back the bonds after three years.
HAGL looks at the bond issue as an optimal solution since bank loans have become too expensive, Doan Nguyen Duc, HAGL chairman, said.
The money raised from the issue will be used to fund planting of rubber trees on 40,000 ha in Laos and Cambodia and building hydropower plants in Vietnam.
HAGL has in the past sold VND1.1 trillion ($56.4 million) worth convertible bonds to Singapore sovereign fund Temasek Holdings and 16.22 million shares at $70 million to Deutsche Bank Trust Co Americas which will be listed on the London Stock Exchange at the end of this month or in early January, Duc said.
The group, which is listed in Ho Chi Minh City, has a registered capital of VND2.93 trillion ($150 million) and interests in real estate, mining, rubber, and hydropower generation.
