Mobile World raises 50 million USD in first bond issuance
Top Vietnamese mobile phone retailer Mobile World Group (MWG) completed its first corporate bond issuance, worth a total of 1.135 trillion VND, or about 50 million USD, on November 21.
A store of the Mobile World Group (Photo: baotintuc.vn)HCM City (VNA) – Top Vietnamese mobile phone retailer Mobile World Group (MWG) completed its first corporate bond issuance, worth a total of 1.135 trillion VND, or about 50 million USD, on November 21.
The notes, due in 2022, will bear interest at a fixed rate of 6.55 percent yearly. They are guaranteed by the Credit Guarantee and Investment Facility (CGIF), a trust fund founded by ASEAN 3, grouping ten ASEAN nations, China, Japan and the Republic of Korea.
“We are excited to collaborate with CGIF on our first bond issue. This transaction demonstrates the positive development of the local bond market, with participation from reputable and well-recognised investors at an attractive fixed interest rate. This enables us to finance our merger and acquisition activities,” said MWG Chairman Nguyen Duc Tai.
It represents the third Vietnam Dong-denominated corporate bond issuance guaranteed by the CGIF and was placed by Standard Chartered Bank, acting as the placement agent.
MWG has three major brands – The Gioi Di Dong, Dien May Xanh and Bach Hoa Xanh – with more than 1,520 retail stores nationwide. Last year, it earned about 2 billion USD in net revenue, a year-on-year surge of 76.7 per cent. -VNA
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