VIC plans $300 mln overseas bond sale

Vincom Joint Stock Co , Vietnam's leading real estate developer, said on Tuesday that it aims to raise up to $300 million through an issue of convertible bonds in international markets.

The board of the Hanoi-based company had approved the sale of five-year bonds and would decide on the timing of the issue later, depending on market conditions, Chairman Pham Nhat Vuong said in a statement on Monday.

He did not say which market the company would target, but said the bonds would be listed overseas. Proceeds would be used for investment projects and to supplement working capital, according to the statement on Vincom's website (vicom.com.vn).

Vincom shares were up 3.64 percent at 114,000 dong ($5.5) at 0224 GMT. ($1=20,810 dong)

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