VCBS sells 200,000 bonds
VCBS sells 200,000 bonds
The Vietcombank Securities Joint Stock Company (VCBS) has sold 200,000 bonds worth VND200 billion (US$9.4 million) to 56 individual investors, reported business news website Gafin.
The transactions, which were worth not more than VND5 billion ($235,000) each, were completed on October 28 as scheduled.
To bring in more capital for its business plans in 2015, VCBS will continue to issue bonds. The next issue of bonds, worth between VND500 billion and VND600 billion (between $23.5 million and $28.2 million), is scheduled to take place in March 2015, when the 2014 financial reports will be audited.
According to Gafin, VCBS also plans to increase its charter capital to VND1,500 billion ($70.58 million) from the current VND700 billion ($32.94 million) by 2015.
Bonds issued by VCBS are inconvertible and insecure with a period of two years. A bond's value is equal to the face value of VND1 million ($47), with interest being paid every six months.
The interest rate for the first six months is 8.5 per cent per year. In the following period, the interest rate will be equal to the interest rate of an individual deposit plus two per cent.
VCBS ensures that after six months, the investors can request it to buy the sold bonds at issue value plus unpaid interest.
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