 Vincom Joint-Stock Co., one of the country’s leading real estate developers, has announced it mobilized VND2 trillion (US$124 million) by five-year bond sales last week to finance its property projects.
Vincom, which listed on Vietnam’s main board the Ho Chi Minh City Stock Exchange (HOSE), sold 2,000 bonds on May 6 at a face value of VND1 billion ($61,873) each.
The notes carry an annual coupon of 16 percent in the first year.
The Hanoi-based company will use the proceeds to build a hotel-office and shopping mall complex in downtown HCMC, the country’s commercial hub.
The property developer reported its first-quarter profit rose 33 percent on increased office rentals and higher revenue from advertisements placed in the company’s premises.
Net income surged to VND38 billion (US$2.4 million) in the three months ended March 31, from VND28.5 billion ($1.77 million) in the same period last year.
Sales rose to VND53 billion ($3.29 million) from VND43 billion ($2.67 million).
Source: Bloomberg |
