FECON issues convertible bonds

HA NOI (Biz Hub) — FECON Foundation Engineering and Underground Construction Joint Stock Company (FCN) issued convertible bonds worth VND100 billion (US$4.58 million) to Vietcombank Securities (VCBS) on June 16. The bonds are part of FCN’s issuance plan. The remainder FCN bonds this time, worth VND65 billion, will be sold to other investors with support from VCBS. According to an announcement issued by VCBS, the three-year bonds, worth VND19,700 ($0.9) each, had a coupon rate of six per cent per year. Compared to the closing price of FCN shares, which ended at VND22,800 ($1.04) on June 16, the price of each bond was VND3,100 ($0.15) lower. FCN plans to issue convertible bonds worth VND500 billion ($22.9 million) in 2014 and 2015. It issued bonds worth nearly VND195.6 billion ($8.97 million) for Japan South-East Asia Growth Fund LP, a subsidiary of the Development Bank of Japan (DBJ), last year. FCN earned a consolidated revenue of VND250.2 billion ($11.47 million) in Q1 this year, up 19.3 per cent, and a profit of VND54.8 billion ($2.5 million), up 16.8 per cent over the same period last year. The company had consolidated assets worth VND2.33 trillion ($106.8 million) at the end of March 2015, compared to VND2.2 trillion ($100.9 million) at the beginning of the year. FCN shares ended at VND22,500($1.03) each on June 17 on the HCM City Stock Exchange. — VNS

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