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Nam Long sells VND500 billion bonds to OCB

The Saigon Times

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HCMC — Nam Long Investment Corporation has issued VND500 billion worth of bonds to Orient Commercial Joint Stock Bank (OCB).

The bonds carry a coupon of 9.6% for the first six months, and later the rate will be adjusted up to OCB’s 12-month deposit rate plus 2.5 points. Nam Long reserves the right to buy back the bonds before maturity.

The non-convertible bonds were issued on September 28, 2023, and are set to fall due on September 28, 2028. They do not include warrants but are secured by a 49-hectare plot of land in Long An Province, valued at over VND945 billion.

Nam Long plans to use the proceeds from the bond sale for its Nam Long 2 residential project in Can Tho City.

Nam Long’s revenue in the first half of the year fell by 35% to nearly VND1.2 trillion and its after-tax profit dropped by 10% year-on-year to VND250 billion.

The company has achieved just 25% of its annual revenue target and 27% of its profit goal for the year.

Its NLG shares rose 4.04% to VND33,500 each at the close today, October 9, with more than 1.1 million shares traded.

The VN-Index of the Hochiminh Stock Exchange closed 8.82 points higher, or 0.78%, to 1,137.36 points, with winners outnumbering losers by 352 to 145.

The trading volume remained stable compared to the last session on October 6, with over 602.2 million shares valued at around VND13.8 trillion transacted. Block deals totaled 57.6 million shares worth over VND1.4 trillion.

The VN30 index, comprising 30 largest-cap stocks, was a significant driver of the main index. It rose 10.59 points to close at 1,150.37 points, with 20 stocks advancing and nine others sliding. ACB, FPT and GAS were among the top gainers, rising 3.2%, 3.1% and 2.9% respectively.

The securities sector also experienced positive trading, with no stocks closing below their reference prices.

VIX, VND and SSI continued to be the top three most actively traded stocks on the market, with trading volume exceeding 25.3 million, 22.7 million, and 21.9 million shares, respectively. VND advanced by 3.3%, VIX increased by 2%, and SSI gained 0.8%.

On the northern bourse, as many as 122 stocks gained and 51 others decreased. The HNX-Index inched up by 3.1 points, or 1.34%, to 233.55 points. There were 77.9 million shares worth over VND1.5 trillion changing hands.

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