Vietnam Mechanisation Electrification and Construction Joint Stock Co (coded MCG) recently announced successfully issuing convertible bonds for the second phase of 2009.
Accordingly, MCG issued 459,000 convertible bonds at the face value of 100,000 dong per bond. These three year bonds have the fixed coupon rate of 12 percent per annum.
There were 49 investors buying these bonds with a total value of 45.9 billion dong.
According to MCG, these bonds will be converted into shares after 12 months with maximum volume of 20 percent, maximum 50 percent after 24 months and 100 percent after 36 months.
After 36 months, if these bonds are not converted into shares, investors will receive the principle and interest on the maturity date.
In 2009, MCG gained 64 billion dong of pre tax profit, up 184.4 percent against previous year and 52 billion dong of after tax profit.
For the year 2010, MCG targets to reach 842.5 billion dong of revenue and 54 billion dong of profit after tax.
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