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Vingroup successfully issued VND 9.3 trillion of convertible dividend preference shares to Hanwha
On August 22, 2018, Vingroup JSC (ticker: VIC) announced the signing of a proposed issuance of 84,000,000 convertible dividend preference shares by way of private placement to Hanwha Asset Management, an affiliate of Hanwha Group – one of the Top 10 conglomerates in Korea and a Fortune Global 500 company.
The 84,000,000 convertible dividend preference shares (“CDPS”) will be issued at a price of VND110,976 per CDPS with a total value of more than VND 9.3 trillion, equivalent to USD 400 million. All issued CDPS will be restricted from trading for a one year period from the date of issuance.
This investment from Hanwha is a demonstration of its trust in Vingroup as well as an endorsement of the growth potential of the Vietnamese market. Vingroup looks forward to building an on-going and successful relationship with Hanwha.
Hanwha Asset Management is a comprehensive asset manager wholly-owned by Hanwha Life Insurance. The company is one of the top three asset management companies in Korea with AUM of approximately US$ 80 billion. The company invests for its parent Hanwha Life Insurance and third party investors, both institutional and retail. Hanwha Asset Management has offices in Korea, Singapore, China and the US.
Hanwha Group is one of Korea’s top 10 conglomerates and a Fortune Global 500 company. Hanwha Group comprises of 61 affiliates in South Korea alone and has a network of 325 offices worldwide (as of December 2017). The Group has a diversified portfolio of businesses ranging from advanced chemicals, sustainable energy, aerospace, and financial services.
Vingroup is the largest non-state owned listed company in Vietnam with a market capitalization of approximately 340 trillion as of July 31, 2018. The Group operates across seven main business divisions: Property, hospitality and entertainment, consumer retail, healthcare, education, agriculture and industrial.
Vingroup recently listed two of its subsidiaries, Vincom Retail JSC and Vinhomes JSC, on the Ho Chi Minh City Stock Exchange. Both listings were well received and the listing of Vincom Retail was awarded “Best Frontier Market Transaction” by IFR Asia.
Credit Suisse (Singapore) Limited acted as exclusive financial advisor to Vingroup in this transaction.
FiLi
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