|
Singaporean Temasek to invest $55mln in HAG's rubber sector
Singapore-based Temasek Group has inked deal with Hoang Anh Gia Lai Group Joint Stock Company (HOSE: HAG) to invest $55 million in the latter's rubber sector.
The two parties are discussing terms of a detailed contract which is expected to be finished within this month, Dau Tu Chung Khoan newspaper quoted Vo Truong Son, HAG's Deputy General Director.
Accordingly, Temasek will become a shareholder of Rubber Corporation, one of five member corporations of HAG.
Along with the $55 million investment in convertible bonds that HAG issued in August 2010, Temasek’s total investment in HAG's subsidiaries has amounted to $110 million so far.
HAG on May 29 signed an agreement in principle with Northbrook Investments (Mauritius) Pte Ltd under Temasek Group to adjust the term of the VND1.1 trillion worth convertible bonds, which were issued in 2010, from one year to three years.
Two days earlier, it also announced to close the list of shareholders to seek approval in statement on adjusting the term of these convertible bonds. As planned, HAG will finalize the professional procedures in this month.
HAG on May 11 succeeded in finalizing the listing price for the auction of $90 million worth of five-year international bonds on Singapore Stock Exchange (SGX) for the first time ever.
The corporate bond of HAGL has been rated at B (Positive outlook) by Standard&Poor's and rated at B (Stable Outlook) by Fitch and has been raised with the annual coupon rate of 9.875 percent per annum.
HAGL plans to use the net amount of capital from bond issue to invest in hydropower and rubber sectors and support the company's working capital.
According to the resolution of the company's extraordinary shareholders' meeting on December 23, 2010, HAG agreed to issue $200 million worth of five-year bonds to list on SGX.
tuoitrenews
|
