Vu Duong Hien, chair of management board in Hapaco Group Joint Stock Co (coded HAP) announced that the company plans to issue convertible bonds valued at 100 billion dong. The raised capital would be used for conducting the construction project of Maternal and Children Hospital.
The bonds would have terms of three years with fixed coupon rates of 8 percent per year. The bonds would have face value of 100,000 dong, and coupon to be paid quarterly.
Each year, HAP would convert one third of the total bond volume into shares at applied ratio of 1:15 or each bond with par value of 100,000 dong would be converted into 15 shares with face value of 10,000 dong per share.
As planned, HAP would need about $20 million for building the new hospital with 200 beds.