Foreign stake in REE blocked

State Securities Commission (SSC) has approved in principle to a block on foreign ownership in Refrigeration Electrical Engineering Corporation (REE) but the rate of the block must be based on the result of REE's bond issue, the commission has announced.

REE asked to block foreign ownership in the company at the ratio of 10 per cent of its total charter capital to save foreign room for its upcoming issuance of convertible bonds.

REE plans to issue VND558 billion (US$26.7 million) worth of convertible bonds to Platinum Victory Pte Ltd, a wholly owned subsidiary of Singapore's auto distribution and retail giant Jardine Cycle&Carriage Ltd. The bonds will be converted into shares after three years at the price of VND22,000 ($1.05).

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