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NEWS
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Vincom Raises US$185 Million from Convertible Bonds Issued in Singapore
Vincom Joint Stock Company
(“Vincom” or, together with its consolidated subsidiaries, the “Group”), the
largest real estate company in Vietnam by market capitalisation, is pleased to
announce that it has successfully placed its proposed issue of unsecured
convertible bonds (“Bonds”), raising gross proceeds of US$185 million to
international institutional investors.
This convertible bonds issue (“Issue”)
is Vincom’s second convertible bond issue since the US$100 million convertible
bond issued in December 2009. The issuer of the convertible bonds may exercise
an option within 30 days after the closing date to increase the size of the
issue by up to US$65 million. The Issue is expected to close on or about 3
April 2012.
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Top 10 M&A Deals in Vietnam 2011
The global financial crisis has put
pressures on the Vietnamese economy with problems of inflation and
interest rates and many small and medium-sized enterprises (SMEs) as
well as larger firms have met financial and human resource difficulties.
Mergers and acquisitions are considered a
good solution to bail out SMEs and allow larger companies to
restructure their operations. They also present opportunities for
foreign firms to capitalise on available resources of local enterprises
when tapping into the Vietnamese market.
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Under the hammer
Vietnam’s residential market will continue to be
sluggish in the first half of 2012 given the government’s tightening monetary
policy and the ongoing turmoil in global financial markets.
2011
was a year most residential developers in Vietnam would be happy to forget, as
the government’s tightening of monetary policy against a backdrop of high
interest rates and capital shortages presented a range of obstacles for
developers and buyers alike.
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VNPT makes scheme for merger of two mobile networks
Major mobile carriers MobiFone and Vinaphone may be merged under a
restructuring scheme proposed by Vietnam Posts and Telecommunications
Group (VNPT) even though ministry officials have denied this.
VNPT is finalizing its restructuring scheme and seeking approval from
related agencies before coming to an official decision on the merger of
the two mobile operators under its umbrella, said VNPT deputy general
director Phan Hoang Duc.
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State Bank readies to cut rate
Interest
rates would be reduced by 1 per cent over the next few days, said
Governor of the State Bank of Viet Nam Nguyen Van Binh.
Binh made this announcement on Tuesday at the monthly Government meeting held in Ha Noi.
He said that since the fourth quarter last year,
lending interest rates had been reduced and production sector loan rates
had been slashed to 17 or 19 per cent per year.
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