REE to issue convertible bonds 
VNS - 26/06/2010 9:20:19 SA -
The HCM City-listed Refrigeration Electrical and Engineering Corporation will start offering VND810.4 billion (US$42.7 million) worth of convertible bonds in July to raise capital for corporate projects.
The bond has a face value of VND1 million ($53) and will yield 8 per cent per annum. Existing shareholders will have the right to buy a convertible bond for every 100 shares they own.
Bonds not taken up will be offered to other interested parties at a price to be decided, but not lower than the selling price in the offering. After a year, the bonds will be converted into shares at a rate of 72 shares for one bond.
"Capital mobilised through this issue will be pumped into core businesses, including electricity and property," corporation chairwoman Nguyen Mai Thanh said.
That included VND480 billion ($25.3 million) in real estate projects, she said, noting the Reetower with an investment capital of VND437 billion ($23 million), which was expected to be completed early next year.
The corporation will at the same time issue 97.25 million shares to existing shareholders, of which about 16.2 million will be in lieu of a dividend payment at a ratio of 20 per cent.
The remainder will be offered as bonuses for these shareholders at a rate of 1:1. Shareholders can start registering to buy shares and receive the dividend payment from July 6 to August 2.
The company projected a turnover of VND1.5 trillion ($78.9 million) this year, up 27.7 per cent on last year, as well as a pretax profit of VND510 billion ($26.8 million), up 5.4 per cent.
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