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Vincom raises $40 mln overseas
Vincom Joint Stock Company (VIC) has successfully raised $40 million from international market with the help of Credit Suisse AG's Singapore as the arranger, said the company’s board of directors.
The proceeds is planned to support Vincom’s working capital, which has been under pressure after the company spend some VND2.3 trillion ($111.8 million) to pay cash dividends for its shareholders and VND200 billion to buy shares of Green Cities Company, said newswire Vnexpress .
The 11-month convertible bonds with the coupon rate of 6 percent per annum can be converted into Vincom shares.
This is the 2nd time Vincom has succeeded in raising capital from the international market.
Vincom issued and listed $100 million worth of convertible bonds with term of 5-years on Singapore Stock Exchange in 2009. 99.9 percent of bonds were converted into VIC-coded shares at the conversion price of VND 60,000 per share and the remainder was bought back by Vincom.
The process of conversion and buyback was finished in June 2011.
Vincom has a liability worth over VND17 trillion, according to a recent consolidated financial statements as of Q1/2011.
However, in a recent talk to the press, Vincom’s the general director Mai Huong Noi said its total debt to credit institutions and other external partners, excluding the new $40 million bond issuing, is about VND9 trillion.
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