Vietnam's PG Bank to raise 1tr dong via bonds

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Vietnam's PG Bank to raise 1tr dong via bonds

Written by Vietnam Dailynews Tuesday, 23 February 2010 04:15

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Vietnam's PG Bank to raise 1tr dong via bonds

Vietnam's partly private Petrolimex Group Bank plans to sell one-year convertible bonds on the domestic market to raise 1 trillion dong to boost its financial strength, it said in a statement. Vietnam's partly private Petrolimex Group Bank plans to sell one-year convertible bonds on the domestic market to raise 1 trillion dong to boost its financial strength, it said in a statement.

The bonds will carry a prepaid coupon of 10 percent and proceeds will supplement the registered capital of PG Bank, based in the Mekong Delta province of Dong Thap, the statement on the State Securities Commission's website said.

The debt, which will be converted into shares, will help PG Bank achieve a government target for banks to have minimum registered capital of 3 trillion dong at the end of 2010.

The bank will sell the bonds to the public at par with a face value of 100,000 dong after it gets approval from the securities commission, Vietnam's stock market watchdog.

Petrolimex, Vietnam's top oil product importer, owns 40 percent of PG Bank, followed by Saigon Securities Inc with a 9.98 percent stake.

Source: http://www.intellasia.net/news/articles/finance/111287524.shtml

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