MSN subsidiary issues bonds worth $412 million
Masan Consumer Holdings (MCH), a wholly-owned subsidiary of Masan Group Corporation (MSN), signed agreements to issue five-year bonds worth VND9 trillion (US$412.8 million) on June 10.
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| Masan Consumer Holdings issues VND9 trillion in bonds on June 10. — Photo cafef.vn |
The buyers will be Vietcombank and other local commercial banks. Vietcombank Securities Company arranged the deal, Masan said.
The group said it was the largest-ever private sector corporate bond deal in Viet Nam's capital market.
The proceeds will be used to simplify Masan Group's consolidated balance sheet, including the repayment of existing debts, and reduce its overall expenditure as market conditions become more favorable.
In connection with the transaction, Vietcombank solidified its position as the priority corporate banking partner for Masan Group's consumer-related businesses.
Recently, Masan Group penetrated Viet Nam's domestic consumption market by establishing Masan Nutri-Science, a platform that aims to close the productivity gap in the animal protein sector between Viet Nam and the developed world, starting with the animal feed sector.
Masan Group is on track to earn US$2 billion in revenue in 2015. Validation of Masan Group's success and strategy was further provided by global business media company Forbes, which named Masan Group as the 20th most-innovative growth company in the world in a list of 200 fast-growing companies in 2015. It was the only Vietnamese company to be mentioned.
MSN shares closed at VND80,000 ($3.7) each on the HCM City Stock Market on June 11. — VNS
