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Vietnam’s Hoang Anh Gia Lai to sell convertible bonds
Hoang Anh Gia Lai Joint-Stock Co., (HAG) Vietnam’s biggest listed property company, plans to sell 1.45 trillion dong ($81 million) of convertible bonds this month, Doan Nguyen Duc, the company’s chairman, said.
Investors must purchase a minimum of 50,000 notes which have a par value of 1 million dong, and the company commits not to issue new shares during the securities’ one-year term, Duc told shareholders meeting Monday in Ho Chi Minh City.
Hoang Anh Gia Lai, Vietnam’s fifth-biggest listed company, posted net income of 946 billion dong in the nine months to Sept. 30 and raised its full-year forecast to 1.28 trillion dong, from 1.05 trillion dong in July, said Nguyen Van Su, general director of the company. Net income was 765 billion dong in 2008, he said.
“Profit margins on our company’s apartment sales have been much higher than we expected,” Duc said. “We have also been able to lower our production costs this year after prices of raw materials declined.”
Hoang Anh Gia Lai, based in Central Highlands province of Gia Lai, expects pretax profit to reach at least 2.5 trillion dong in 2010, Duc said. The figure is based on earnings from existing property projects and two hydropower plants in the Central Highlands which will start generating power in the first quarter next year, he said.
thanhnien, bloomberg
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