Business

Keppel Land buys 500 bln VND of bonds

Singaporean property developer Keppel Land has concluded a purchase of 22.4 million USD in convertible bonds from Nam Long Investment Company, which builds affordable houses and departments in Vietnam
Keppel Land buys 500 bln VND of bonds ảnh 1At the signing ceremony (Photo: vov.vn)

HCM City (VNA) – Singaporean property developer Keppel Land has concluded a purchase of 500 billion VND (22.4 million USD) in convertible bonds from Nam Long Investment Company, which builds affordable houses and departments in Vietnam.

The deal was done through its wholly owned subsidiary Ibeworth Pte Ltd .

The interest rate of the bonds is fixed at 7 percent annually. The price is set at 23,500 VND (1.05 USD) per share.

Foreign investors, including Mekong Capital, IFC and Goldman Sachs, have already accounted for the 49 percent cap allowed for foreign investors.

Nam Long (listed as NLG at HOSE) is waiting for the issuance of a government circular to guide the relatively new regulation that allows foreign companies to own up to 100 percent. It also needs the approval of its shareholders to convert the bonds.

Last July, Keppel Land, also via the subsidiary, bought 7.1 million new ordinary shares issued by Nam Long, representing nearly 5 percent of the company. Once the bonds are converted, its stake will increase to about 5 percent.-VNA

VNA
#Keppel Land #convertible bonds #Nam Long Investment Company #affordable houses Singapore
Follow VietnamPlus

Related News

Vietnam firms seek proper derivatives system

Vietnam firms seek proper derivatives system

Vietnamese securities companies are in a hurry to seek a suitable system to work with when the first-ever derivatives market is launched by this year-end, according to local media.

See more

Illustrative photo (Photo: VNA)

Quang Ninh sets land clearance as priority for FDI attraction

The northern province of Quang Ninh is on a mission to cement its status as one of Vietnam's premier destinations for foreign direct investment (FDI), with a strategic focus on land clearance for industrial park infrastructure projects this year.

Deputy Prime Minister Tran Hong Ha at the 12th meeting of the national steering committee for IUU fishing prevention and control on January 14 (Photo: VNA)

Deputy PM orders enhanced fishery management tools

Deputy Prime Minister Tran Hong Ha has asked the Ministry of Agriculture and Rural Development to complete the comprehensive integration and smooth connectivity to the national fisheries database (VN-Fishbase), vessel monitoring system (VMS), and electronic traceability system (eCDT) in Q1, ensuring seamless data flow from central to local authorities, a move to clamp down on illegal, unreported and unregulated (IUU) fishing.

A view of the Van Phong economic zone in Khanh Hoa province. (Photo: VNA)

Huge room for Khanh Hoa to expand cooperation with Chinese firms: official

With its strategic importance in the central key economic region, well-developed and interconnected infrastructure, coupled with ample potential for tourism development, Khanh Hoa province is an ideal location for Chinese businesses to seek opportunities for cooperation and investment, Vice Minister of Foreign Affairs Pham Thanh Binh has said.

Products showcased at the Investment & Trade Promotion Centre of Ho Chi Minh City. (Photo: nhandan.vn)

Businesses must embrace new trends to boost exports to US: experts

Trade cooperation between Vietnam and the US presents both vast opportunities and significant challenges, as the latter enters a new phase with major adjustments to its economic and foreign policies, which are expected to have a wide-reaching impact on global trade and investment activities.

Vietnamese Ambassador to the UK Do Minh Hung (centre), embassy staff and VBUK members (Photo: VNA)

Vietnamese Business Association in UK sets 2025 agenda

The Vietnamese Business Association in the UK (VBUK) has announced plans to reshape the landscape of Vietnam-UK trade relations, focusing on driving business community forward, fostering its unity and strengthening connections with their Vietnamese partners both at home and abroad.