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Hoa Phat to raise VND1.6 trillion from convertible bond sale   2009-10-29 - Thanh Nien

Hoa Phat Group Joint-Stock Co., Vietnam’s biggest-listed steel producer, plans to raise as much as VND1.6 trillion (US$90 million) selling convertible bonds next month to fund a construction project in Hanoi.


The one-year securities will pay zero coupon and can be converted into about 20 million shares, Ly Thi Ngan, chief financial officer, said by telephone from the capital Thursday. The company, based in Hung Yen province near Hanoi, is seeking approval from shareholders to sell the debt in November and December, she said.

“The prospect for the stock market is good, and that will make convertible bonds more attractive,” said Le Ba Hoang Quang, Hanoi-based head of research at Sacombank Securities Ltd., Vietnam’s second-biggest brokerage.

Hoang Anh Gia Lai Joint-Stock Co., which is run by Vietnam’s richest man, and Corp. for Financing & Promoting Technology, the country’s largest software maker, have sold convertible bonds this month as the stock market rallied. The VN Index gained 30 percent this half, the biggest gainer in Asia after Mongolia.

“We will use the funds raised from the sale to contribute to the project of building a new urban area south west of Hanoi,” Hoa Phat’s Ngan said. She said Hoa Phat is responsible for about a quarter of the $6 billion project, which is scheduled to start construction in June.

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