Property developer Vingroup has gained the State Securities Commission’s approval to sell 20 million non-convertible bonds.

Vingroup bonds will be sold at VND100,000 (US$4.39) each in two phases without any covered warrants or guaranteed assets.

Vingroup will sell the first 10 million bonds, coded VIC112020, from the beginning of December to the end of February.

The sale of the second bond issuance, coded VIC122020, will take place within 90 days from the day the State Securities Commission receives Vingroup’s announcement.

The total value of the bond deal is VND2 trillion ($87.8 million). Techcombank Securities (TCBS) is Vingroup’s advisor for the deal.

According to Vingroup, the bond issuance will help it shake up its loans and clear its financial targets.

Vingroup will spend VND1 trillion raised from the bond issuance to pay the original face value of VIC11504 on December 27, 2018.

The remaining VND1 trillion will be spent paying the original face value of VIC11707 on February 28, 2019.

In the first nine months, Vingroup earned more than VND84 trillion ($3.69 billion) in combined net revenue, up 47.2 per cent year on year.

The company’s pre-tax and post-tax profits in the first three quarters rose 72.1 per cent and 11.2 per cent year-o-year to VND8.82 trillion and VND3.29 trillion, respectively.

Vingroup’s charter capital is now VND32.75 trillion. The company has more than 3.19 billion shares on the Ho Chi Minh Stock Exchange.

Vingroup shares inched up 0.1 per cent to VND102,200 per share on Thursday, making the firm the largest listed company by market capitalisation, which is more than VND326 trillion. – VNS