Temasek invests more in Hoang Anh Gia Lai

Singapore-based Temasek Group has spent VND1.13 trillion ($5.39 million) more on corporate bonds from Hoang Anh Gia Lai (HAG) after increasing its investment in the latter to $110 million in May.

The two companies have also agreed to change the term of the $5.39 million convertible bonds issued last August from one to three years.

Under the agreement, Temasek can convert these bonds into shares of a rubber firm under Hoang Anh Gia Lai Group in the future.

With the additional amount of 1.13 trillion gained from selling these convertible bonds to Temasek, HAGL’s cash balance has been raised to VND4.5 trillion.

In June, HAGL raised $90 million from successful bond issuance in the Singaporean market for its new hydropower and rubber plantation projects in Vietnam and Laos.

The 5-year bonds, which were issued in US dollar in the Singaporean market, will have a coupon rate of 9.875 percent per annum and the yield will be paid semi-annual starting from November 20, 2011 and ending on May 20, 2016.

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