Gemadept pours money into Nam Dinh Vu port; VinFast raises 2,000 billion in bonds; Hoa Phat tests Dung Quat 2
Gemadept poured money into Nam Dinh Vu port; VinFast raised 2,000 billion in bonds; Hoa Phat tested Dung Quat 2 at the end of the year; Subsidiary of KBC and Trump Organization built a billion-dollar golf course complex; AAn exported Japonica rice to Japan.
Gemadept poured money into Nam Dinh Vu port?
According to the plan, Nam Dinh Vu Port JSC - a subsidiary 60% owned by Gemadept JSC - will offer more than 93 million shares to existing shareholders, at a ratio of 1,000:733. With an offering price of VND10,000/share, Nam Dinh Vu Port is expected to collect more than VND930 billion, increasing its capital from VND1,269 billion to more than VND2,199 billion.
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| Dinh Vu port cluster. Photo: ST |
With a 60% ownership ratio of Nam Dinh Vu Port, Gemadept plans to invest more than VND558 billion in this subsidiary in the upcoming offering. After the purchase, GMD's ownership ratio in the subsidiary will remain unchanged.
GMD said that the capital used to buy shares came from retained earnings of just over VND356 million, the remaining VND558 billion was raised from offering shares. This is part of the public offering plan that Gemadept has just announced, with the number of nearly 104 million shares, corresponding to a ratio of 3:1.
In addition to the expenditure of nearly VND558 billion on Nam Dinh Vu Port, Gemadept used VND2,213 billion to purchase fixed assets, including 3 ships with a capacity of about 1,800 TEU (worth VND1,350 billion); 2 STS cranes with a lifting capacity of 85 tons (worth VND654.5 billion) and 7 barges with a capacity of 248 TEU (worth VND208.5 billion).
Gemadept said it has not yet decided on its purchasing partners, and is currently working with a brokerage firm to find and negotiate with partners to purchase ships; will bid to select a contractor to supply STS cranes, expected to include Doosan Enerbility Vietnam, Mitsui, KoneCrane, etc.; will bid to select a domestic barge building workshop.
Nam Dinh Vu Port is one of Gemadept's investment focuses in the coming years. After putting into operation phase 1 and 2, GMD is aiming for phase 3 with a wharf length of 660m (including 2 container wharfs and 1 general cargo wharf), an area of 25 hectares, a total capacity of 650 thousand TEU/year and 60,000 tons/year, and a ship size of 48 thousand DWT fully loaded.
Nam Dinh Vu Port Phase 3 project will start construction in July 2024 and be completed in December 2025. When the 3 phases are completed, Nam Dinh Vu Port will have an area of 65 hectares, a wharf length of 1,540m, an expected capacity of 1.75 million TEU/year, and a total investment of up to VND 6,700 billion.
VinFast mobilizes 2,000 billion VND in bonds
VinFast has completed collecting VND2,000 billion (at par value) from the bond lot coded VIFCB2426001, equivalent to 30% of the amount the Company plans to mobilize through this channel this year.
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| VinFast will borrow 2,000 billion VND from bondholders for 2 years, until October 10, 2026. |
In a report sent to the Hanoi Stock Exchange (HNX), VinFast Manufacturing and Trading JSC said it had issued 20,000 bonds with a face value of VND100 million per bond. The company will borrow VND2 trillion from bondholders for 2 years, until October 10, 2026, at a fixed interest rate of 13.5% per year.
The bonds deposited by Techcom Securities (TCBS) are non-convertible, without warrants, and are secured by 10 million Vinhomes shares owned by Vingroup. The shares are currently worth about VND435 billion (VND43,500/share, calculated based on the closing price on the morning of October 11, 2024).
Data from HNX shows that this is VinFast's first bond batch in 2024 since the last issuance in July last year. Currently, the subsidiary of Vingroup is issuing 16 bond batches worth about VND21.1 trillion; expected to mature about VND11.5 trillion by the end of this year and VND7.6 trillion in 2025.
In the first half of 2024, VinFast spent more than 1 trillion VND to pay bond interest.
Also last week, on October 9, Vingroup's Board of Directors approved the issuance of payment guarantees and the use of Vingroup's assets to secure bonds issued by its subsidiary VinFast. Accordingly, in 2024, the amount of individual bonds with a maximum face value of VND 6.5 trillion issued by VinFast Production and Trading JSC will be guaranteed by Vingroup.
At the end of this year, Hoa Phat will test run Dung Quat 2.
In the first 9 months, Hoa Phat recorded more than 105 trillion VND in revenue, up 23% over the same period, completing 75% of the 2024 plan.
Hoa Phat Group has just announced its business results for the third quarter of 2024 with revenue of more than 34 trillion VND, an increase of 19% over the same period last year. The Group's self-published newsletter on October 9 did not disclose profit figures for the past quarter.
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| Dung Quat 2 Iron and Steel Complex Project has completed 80% of phase 1 and 50% of phase 2. |
Hoa Phat is focusing on the construction of the Dung Quat 2 Iron and Steel Complex project, with a capacity of 5.6 million tons of hot-rolled steel coil per year. Currently, this mega-project has completed 80% of the progress of phase 1 and 50% of phase 2. According to this progress, phase 1 is expected to have the first hot test product of the rolling furnace by the end of 2024.
Hoa Phat said that the steel market in the third quarter of 2024 is generally facing many difficulties both domestically and internationally, with prices tending to decrease. The Group's sales volume of construction steel products, hot-rolled steel coils and steel billets was over 2 million tons, down 7% compared to the second quarter of this year.
Meanwhile, the output of construction steel and high-quality steel in the third quarter reached nearly 1.1 million tons, also down 14% compared to the previous quarter. The domestic construction steel market share still maintained its leading position at 38%.
KBC and Trump Organization subsidiary builds golf course complex
The signing ceremony of the Memorandum of Understanding between the People's Committee of Hung Yen province and representatives of the consortium of investors selected by the Trump Organization, including Hung Yen Development Group and two US investment funds, IDG and Horitus, to build a high-end, modern, large-scale complex meeting the highest international standards with a total investment of about 1.5 billion USD took place in New York (USA).
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| Signing ceremony of the Memorandum of Understanding between the People's Committee of Hung Yen province and representatives of the consortium of investors selected by the Trump Organization. |
The 54-hole golf course system according to Trump Organization standards serves the public and serves to organize domestic and international tournaments, along with a system of hotels and villas with synchronous services, creating a highlight to attract tourism and accommodation.
On the same day, Mr. Donald Trump also witnessed the signing ceremony of cooperation between Trump Organization and Hung Yen Investment and Development Group.
Previously, the People's Committee of Hung Yen province had a working session with senior leaders of The Trump Organization (USA), following a proposal from Hung Yen Investment and Development Group Corporation.
Hung Yen Investment and Development Group is a subsidiary 93.93% owned by KBC as of June 30, 2024. Both companies are currently chaired by Mr. Dang Thanh Tam.
The company is headquartered in Hung Yen province, established in 2021, currently has a charter capital of 1,800 billion VND, is an enterprise developing industrial real estate projects, urban areas and social housing chains.
AAn exports Japonica rice to Japan
Tan Long Group exports Japonica rice under the AAn brand to the Japanese market. Japonica is a type of rice commonly used in the culinary culture of Japan, Korea and some other countries.
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| Tan Long Group exports Japonica rice under the AAn brand to the Japanese market. |
“The event affirms the position of AAn rice as a Vietnamese rice brand that has passed inspection standards in one of the most stringent markets in the world, contributing to increasing the value of Vietnamese agricultural products in the international market,” said a representative of Tan Long Group.
According to Mr. Yoshino Takeshi, CEO of Kiraboshi Bank, there are currently nearly 600,000 Vietnamese people living and working in Japan, creating a great demand for domestic products, including Vietnamese rice. In addition, Japan is facing a domestic rice shortage, so finding an alternative source of rice is urgent.
Japonica AAn rice has similarities with Japanese rice, so it is also considered a potential substitute product. “Through joint activities between businesses of the two countries like today, Vietnamese rice will certainly have many advantages in expanding in the Japanese market,” said Mr. Yoshino Takeshi.
Previously, in June 2022, AAn rice successfully exported ST25 rice to Japan for the first time and was used as the main ingredient in fried rice served to officials at the cabinet office there.
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