The TTC Sugar board has approved the issuance of 450 non-convertible bonds worth VND1billion (US$43,900) each.

The bonds, at par and with a one-year tenor, will be issued separately to fewer than 100 investors, including domestic and foreign professional organisations and individuals. Priority will be given to banks, financial institutions and investment funds.

The VND450 billion (US$19.75 million) issuance is likely to be divided into several tranches starting in the fourth quarter of the 2017-18 fiscal year.

It is aimed at increasing the working capital to expand its production, and the additional working capital would enable it to scale up production and improve efficiency, thereby optimising production cost and promoting economy of scale, the company said.

Thanh Thanh Cong – Bien Hoa JSC, as TTC sugar is formally known, is by far the largest listed company in in the Vietnamese sugar industry. — VNS