Vietnam’s Hoang Anh Gia Lai group, or HAGL (HAG.HM), plans to raise US$200 million ($261 million) by issuing bonds to be listed on the Singapore Exchange, an executive said on Thursday.
Shareholders of the group based in Vietnam’s Central Highlands region have approved its plan to issue five-year bonds in 2011, HAGL’s chairman Doan Nguyen Duc told Reuters.
“Procedures will start in early January, after we have the ratings,” he said.
The bond proceeds will fund five hydro-power plants and rubber tree planting projects in Laos, Cambodia and Vietnam, the group said in a document sent to shareholders and seen by Reuters.
The group, with registered capital of 2.93 trillion dong ($196.3 million), operates in property, mining, rubber plantation and hydro-power.
It has sold 16.22 million shares to Deutsche Bank Trust Co Americas and the shares will be listed on the London Exchange at the end of this month or in early January, Doan Nguyen Duc said.
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