Hải An Transport issues $20m worth of convertible bonds to 4 investment funds

Monday, Mar 04, 2024 16:59

​A ceremony being held in Hà Nội on February 28 to announce cooperation between Hải An Transport and Stevedoring JSC and foreign investment funds represented by SSIAM. — Photo courtesy of SSI

SSI Securities Corporation has successfully advised Hải An Transport and Stevedoring JSC’s issuance of convertible bonds worth VNĐ500 billion (US$20.38 million) to four investment funds.

They are the Japan South East Asia Finance Fund III L.P., Daiwa-SSIAM Vietnam Growth Fund III L.P. (DSVGF), Vietnam Growth Investment Fund L.P (VGIF), and SSI Asset Management Co., Ltd (SSIAM).

SSIAM is also the manager of VGIF and DSVGF with Japanese partners.

The deal marks Hải An’s first ever issuance of convertible bonds.

As the lead investor, SSIAM acted on behalf of major international institutions, including the Development Bank of Japan, Daiwa Corporate Investment Co., Ltd (Japan) and CP Group Thailand... to structure the investment, negotiate terms, resolve arising issues and lead the deal on the right track and schedule.

According to Hải An Company, Việt Nam’s import/export activities will continue to thrive and become the main driving force for the shipping industry.

Demand for maritime transport has bottomed. Hải An aims to build a strong fleet to increase domestic transport capacity and start intra-Asian transport routes.

It is one of the leading shipping companies in Việt Nam with a closed shipping value chain comprising transportation, ports, warehouses, and related services.

This year it is expected to increase its total capacity by 45 per cent, opening up opportunities to connect with new domestic and foreign routes.

Nguyễn Ngọc Anh, CEO of SSIAM, said her company and the investment funds participating in this deal highly appreciated Hải An's potential and wanted to become long-term investors in the company.

This deal marks a new development step for Hải An with the expectation of reaching out to the Asian region and is also a big milestone in SSIAM's cooperation with Hải An, she added. — VNS

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