SBT plans to issue $103.25 million worth of convertible bonds

Aug 24th at 14:43
24-08-2019 14:43:34+07:00

SBT plans to issue $103.25 million worth of convertible bonds

Sugar producer Thanh Thanh Cong - Bien Hoa Joint Stock Company (SBT) plans to make a private placement of 2,400 convertible bonds with a par value of VND1 billion (US$43,097) for a minimum duration of three years, according to a document it has sent to shareholders for approval.

The coupon rate will be negotiated with each investor.

If it manages to sell all the bonds it will raise VND2.4 trillion ($103.25 million).

The bonds can be converted into common stock one year after the issue date.

By reducing short-term debt and restructuring capital, the company seeks to ensure stable financial resources and satisfy the requirements of strategic investors.

SBT also plans to add 11 new business lines, mainly in animal husbandry and other crops besides sugarcane, thus increasing the total number of its business lines to 42.

The company expects to increase its by-products to diversify its revenue sources and meet the sustainable development goals.

It expects by fiscal 2020-21 revenues from by-products like molasses, microbial fertilisers, biomass energy, and others to double to 30 per cent.

The company is in the process of negotiating with several large foreign corporations for tie-ups in cultivation and animal husbandry to leverage their mutual strengths.

SBT also plans amendments and supplements to the company charter and buyback of convertible preferred stocks as a preparatory step for collaborating with long-term investors for capital planning and management and business operations, especially with the ASEAN Trade in Goods Agreement about to come into effect.

Its board of directors has approved the purchase of 2.082 million shares, or a 41.65 per cent stake, in property developer Tan Dinh Import Export JSC, which has a portfolio of projects in prime locations.

bizhub



RELATED STOCK CODE (1)

NEWS SAME CATEGORY

Vietjet (VJC) shares forecast to be added into ETF investee list

The US-listed asset management fund VanEck Vectors Vietnam ETF (VNM ETF) may purchase shares of the new generation carrier Vietjet in its upcoming quarterly...

Becamex IDC to add more shares for UPCoM trading

The Investment and Industrial Development Joint Stock Corporation (Becamex IDC) will trade an additional one billion shares on the Unlisted Public Company Market...

REE accepts Singaporean firm's bid

Refrigeration Electrical Engineering Corporation (REE) has accepted Platinum Victory Pte Ltd’s bid to buy 31.3 million REE shares.

Foreign funds to exit logistics firm Gemadept (GMD)

The UK-based Vietnam Investments (VI) Fund II LP plans to sell more than 58 million shares of logistics firm Gemadept JSC.

Vinafood 2 maintains losses in first half

In the first half of the year, the profit of Vinafood 2 remained negative, and inventories were 83,313 tonnes of rice short.

Mud drilling firm revenue down a third in Q2

PetroVietnam Mud Drilling Corporation has reported its Q2 revenue dropped 34 per cent year-on-year to VND413 billion (US$17.76 million).

Officials arrested, auto firm may not be listed in 2019

The recent arrest of former directors at the Vietnam Engine and Agricultural Machinery Corporation (VEAM) has derailed the company’s future business plan.

KDF achieves 17 per cent revenue growth as ice-cream sales zoom

KIDO Food (KDF) has reported a 17 per cent rise in revenues in the first seven months to VND938 billion (US$40.4 million).

Techcombank (TCB) to issue 3.5 million shares to employees

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) plans to issue more than 3.5 million shares for its employees in the form of an employee...

Vietjet (VJC) named in Forbes’ top 50 listed Vietnamese companies

Vietjet Aviation Joint Stock Company (HOSE code: VJC) was recognised as one of Viet Nam’s 50 best listed companies in 2019 by Forbes Magazine during an award...


MOST READ


Back To Top