Thaco raises US$86 million from bond issuance

Monday, Feb 10, 2020 17:20

Thaco facilities in Chu Lai Truong Hai Industrial Park in Quang Nam Province. — Photo

Truong Hai Auto Corporation (Thaco) has raised VND2 trillion (US$86 million) from bond issuance, fulfilling two-thirds of its full-year plan.

The bonds are non-convertible and the collateral is the firm’s land use rights. Payment will be made every six months.

The annual yield rate is 9.8 per cent for the first two payments, then the annual rate will be the average lending rate issued by local banks plus 3.2 per cent.

Thaco plans to raise a total of VND3 trillion from bond issuance in 2020.

The conglomerate targets total revenue of $4 billion in 2020.

In addition, the company will hasten the construction of Thu Thiem 2 Bridge in HCM City and aim to operate the bridge in December 2020.

Preparations for other real estate projects are also expected to be completed in 2020.

In early 2020, Thaco signed an agreement with the agriculture and aquaculture firm Hung Vuong.

The deal allowed Thaco to own 35 per cent in the farm and seafood business through its subsidiary Thadi Agriculture Farming Processing and Distribution JSC (Thadi). — VNS

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