Thursday, May 24,2018 - 20:31 GMT+7  Việt Nam EngLish 

Novaland’s US$160 million bonds listed on Singapore exchange 

 Wednesday, May 9,2018

AsemconnectVietnam - No Va Land Investment Group Corporation, or Novaland, raised around US$160 million from offering convertible bonds which were listed on the Singapore Exchange Limited on April 30, marking the first Vietnamese convertible bond overseas listing after six years.

The bond sales drew strong interest from investors in Asia and Europe. The U.S.dollar- denominated convertible bonds will fall due in 2023 and can be converted into common shares at an initial price of VND74,750. The papers carry a coupon of 5.5% per annum and the interests will be paid every six months.

Previously, Novaland successfully raised US$150 million from a placement, bringing the total proceeds to US$310 million. According to Global Capital, the deal is the first equity-linked bond issue of Vietnam in six years.
Novaland expects to use the proceeds from the combined offering to expand its land fund in prime locations, develop new projects and supplement working capital for general activities. The company plans to introduce three new projects this year.
Last week, Novaland’s 2018 annual general meeting passed the business plan for this year, with revenue expected at VND21,780 billion and after-tax profit at VND3,200 billion, up by 87% and 55% against 2017 respectively. With 11 projects underway, around 6,500 products are expected to be handed over to customers this year. Novaland is confident at these ambitious goals as all projects are located at prime sites in HCMC, with each project reporting 90% to 99% of units sold.
Source: thesaigontimes.vn

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