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HAG likely to receive $120 mln in foreign investment
Hoang Anh Gia Lai Group Joint Stock Company (HAG) is negotiating with two partners from Europe and the Middle East for investment through the purchase of $120 million worth of HAG convertible bonds.
They are expecting to buy $60 million HAG convertible bonds each, Thoi Bao Kinh Te Sai Gon newspaper reported.
Though HAG's chairman Doan Nguyen Duc refused to give specific names of the two investors, as well as the scheduled time for the upcoming convertible bond issuance, he said the investors would have the right to swap those five-year bonds to hold stock of HAG Rubber Corporation when it makes Initial Public Offering (IPO) in 2015.
HAG Group has recently received about $55 million from the issuance of convertible bonds of HAG Rubber Corp for Singapore-based Temasek Holdings.
So far, HAG has raised about $260 million via bonds issuance to foreign investors, including $90 million from the bond issuance in the Singapore market.
It will invest the money raised from foreign markets in hydropower and rubber projects in Vietnam, Laos and Cambodia.
Together with rubber and hydropower, HAG has also established three subsidiaries specializing in the field of mineral, real estate and wood and stone manufacturing.
HAG plans to complete 51,000 ha rubber plantation and hydro power projects with a total capacity of 420 MW by the end of 2012, Duc said.
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