26.7 C
Ho Chi Minh City
Saturday, July 13, 2024

Novaland swaps bonds for shares

The Saigon Times

Must read

HCMC – Property developer Novaland has transferred its shares in subsidiaries to a bondholder in exchange for a volume of its cancelled corporate bonds and warrants.

The company reached an agreement with Dallas Vietnam Gamma Ltd to reduce outstanding bonds and warrants through a swap arrangement, said Bui Thanh Nhon, Novaland’s board chairman, yesterday, February 24.

Dallas Vietnam Gamma Ltd bought 4,435 convertible bonds and 185 equity warrants from Novaland for VND4,620 billion on February 1, 2022.

The bonds came with a face value of VND1 billion each, a term of 10 years, and a fixed coupon rate of 10% per year. Their conversion price was VND93,960 per share.

The deal enabled Dallas Vietnam Gamma Ltd to receive certain equity stakes at the issuer’s subsidiaries in exchange for the cancellations of some bonds and warrants, and the issuer could buy back its stakes when its financial conditions allow.

They are Thanh Nhon Investment Real Estate Company Limited and Mui Ne General Investment JSC.

More articles


Please enter your comment!
Please enter your name here

Latest articles