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Sunday, November 27, 2022

Vingroup scales down international bond sale plan

The Saigon Times

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HCMC – Vingroup (VIC) will issue US$1 billion worth of bonds on international markets this year, down from the earlier planned US$1.5 billion.

In the adjusted international bond issue plan, which the group’s board has approved, three bond issues will be launched, instead of two.

The group will issue a maximum of 1,000 bonds with a face value of US$1 million each.

The first bond issue worth US$525 million was completed on May 10. The proceeds from the debt sale will be used to fund the group’s payment of bond issuance fees and contribute to its automaker VinFast.

Vingroup has also approved the guarantee of VinFast’s issue of VND2 trillion (US$86.36 million) worth of bonds this year.

Vingroup has announced the transfer of part of its stake at GeneStory, its genetic testing company. After the transfer, Vingroup is no longer the parent company of GeneStory.

GeneStory, established on March 30 this year, has initial charter capital of VND102.3 billion, with Vingroup holding 99% and two individuals the remaining 1%.

Today, May 24, VIC inched up 0.26% at VND77,600.

The VN-Index of the Hochiminh Stock Exchange rose 14.57 points, or 1.2%, at 1,233.38. Over 528.47 million shares worth some VND13.4 trillion were traded on the bourse.

The HNX-Index of the Hanoi exchange added 5.3 points, or 1.76%, over the session earlier, at 305.96 points.

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