A graphic image of Landmark 81 of Vingroup in HCM City (Photo: cafef.vn)

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

Vingroup bonds will be sold at 100,000 VND (4.39 USD) 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 SSC receives Vingroup’s announcement.

The total value of the bond deal is 2 trillion VND (85.7 million USD). 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 1 trillion VND raised from the bond issuance to pay the original face value of VIC11504 on December 27, 2018.

The remaining 1 trillion VND will be spent paying the original face value of VIC11707 on February 28, 2019.

In the first nine months, Vingroup earned more than 84.14 trillion VND (3.6 billion USD) in combined net revenue, up 47.2 percent year on year.

The group’s pre-tax and post-tax profits in the first three quarters rose 72.1 percent and 11.2 percent year-o-year to 8.82 trillion VND and 3.29 trillion VND, respectively.

Vingroup’s charter capital is now 32.75 trillion VND (1.4 billion USD). 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 VNĐ102,200 per share on December 6, making the firm the largest listed company by market capitalisation, which is more than 325.86 trillion VND (14 billion USD).-VNA