VNE issues bonds worth $7 million

The Vietnam Electricity Construction Joint Stock Corporation (VNE) announced on December 22 that it issued corporate bonds worth VND150 billion (US$7.04 million) in 2014.

All the bonds worth VND1 billion ($46,948) each are not convertible into equity. They are valid for two years. In each six-month period of the first year, the corporation will apply a flexible interest rate, while the interest rate for the second year will be 10.5 per cent per annum.

The Da Nang-based corporation, involved in the construction of electricity system projects, 500KV substations and industrial and civil projects, as well as airports and ports, has been listed on the HCM City Stock Exchange since 2007.

The VND637.2-billion ($29.9 million) corporation gained net revenue of nearly VND255 billion ($11.97 million) in Q3 of 2014, 3.5 times higher than the same period last year.

VNE shares closed at VND9,500 ($0.44) each on the HCM City Stock Exchange on December 25.

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