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REE Corp to raise $100 million from bond issuance
The Refrigeration Electrical Engineering Corporation (REE Corporation) plans to raise US$100 million from the private issuance of 2,320 corporate bonds in the first quarter of 2019.
The corporate bonds would mature in 10 years with a maximum annual yield rate of 7.3 per cent with interest paid every six months, REE Corporation said on Tuesday.
The corporate bonds are non-convertible and guaranteed by the company’s stakes in Thac Ba Hydropower JSC (60.37 per cent) and Song Ba Ha Hydropower JSC (25.76 per cent)
The bond issuance income will fund the firm’s projects and capital transfers.
REE Corporation has more than 310 million shares on the Ho Chi Minh Stock Exchange.
The company’s shares fell 0.9 per cent to end Wednesday at VND32,400 ($1.39). They gained a total of 3.6 per cent in the previous two sessions.
In the first three quarters of 2018, REE Corporation posted a 4.1 per cent yearly increase in revenue, which touched VND3.46 trillion ($149 million).
The company recorded post-tax profit in the first nine months of 2018 of VND1.23 trillion, up 18.6 per cent year-on-year.
As of September 30 2018, the company’s total assets were valued at VND14.9 trillion.
In recent weeks, the Singaporean fund Platinum Victory Pte Ltd has increased its ownership in the Vietnamese firm.
As of January 18, Platinum Victory Pte Ltd owned more than 77.1 million shares in REE Corporation, equal to a 24.89 per cent stake.
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