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Thursday, October 6, 2022

Becamex completes VND200b bond buyback before maturity

The Saigon Times

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HCMC – Investment and Industrial Development Corporation (Becamex) on August 31 this year bought back an additional VND200 billion worth of its bonds before the maturity date to reduce its outstanding bonds on the market from VND1.8 trillion to VND1.6 trillion.

Becamex on August 31, 2020 issued five-year bonds to the tune of VND2 trillion. These bonds will fall due on August 31, 2025.

With the latest buyback, the company up to now had repurchased an accumulated VND400 billion worth of bonds that were issued on August 31, 2020.

In related news, Becamex plans to develop the Cay Truong Industrial Park project in Cay Truong II Commune and Lai Uyen Town in Bau Bang District in the southern province of Binh Duong.

The project will cost over VND5.4 trillion, with 15% of it backed by its own budget and 85% sourced from bank loans.

The Cay Truong Industrial Park will cover an area of around 700 hectares. Becamex is set to implement the project from 2022 to 2026 and lease facilities in the park between 2022 and 2030.

In the first half of this year Becamex booked more than VND3.3 trillion in revenue and VND1.4 trillion in after-tax profit, up 8.8% and 42.4% against the same period last year, respectively. Its gross profit margin inched up from 43% to 52.9%.

The company looks to achieve respective growth of 19% and 98% in revenue and after-tax profit this year.

Closing the trading session today, September 9, its BCM stock rose 2.05% over the session earlier at VND89,800.

The local stock market ended in positive territory today.

The benchmark VN-Index of the HCMC bourse gained 14.18 points, or 1.15%, against the previous session at 1,248.78, with 281 winners and 176 losers.

Trade on the HCMC bourse contracted 2.2% in volume and 4.2% in value against yesterday at more than 586 million shares and close to VND13.8 trillion. Shares transacted in block deals accounted for around VND1.2 trillion.

The VN30 basket remained the main driver of the main index’s rise as only four stocks in the basket, namely PDR, STB, MBB, and NVL, ended with a mild loss of below 1% each. Five other stocks, comprising ACB, CTG, FPT, KDH, VIB, moved sideways, while the remaining 21 made gains.

On the Hanoi bourse, the HNX-Index reversed course to end at its intraday high, buoyed by bluechip stocks. With 97 advancers and 86 decliners, the index added 2.48 points, or 0.88% versus yesterday at 284.63.

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