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HAGL Group repays bonds worth trillions of VND

The Hoang Anh Gia Lai Group (HAG) of entrepreneur Doan Nguyen Duc eased its debt burden of VND6.6 trillion in bonds prior to Decree 65’s issuance.

On September 29, HAG announced that it had bought back some of the lot of corporate bonds (HAGLBOND16.26) worth VND605 billion. The buyback was completed on September 28 and the remaining bond balance was VND5.271 trillion.

On the same day, HAGL Agrico (HNG) stated that it had completed the first-phase debt repayment to HAG, worth VND600 billion. The remaining balance was VND1.52 trillion. 

At the same time, HNG regained land-use rights for 9,470 hectares belonging to Hoang Anh Andoung Meas.

The money HAG used to buy back the lot of bonds was from the HNG’s debt repayment. 

On September 26, HAG issued a resolution on spending VND500 billion to buy the lot of bonds HAGLBOND16.26 before they matured. The amount of money was a part of the plan on collecting VND1.7 trillion from the private issuance of 162 million shares to professional securities investors at the price of VND10,500 per share.

Meanwhile, a part of the remaining amount of money would be used by HAG to lend to Hung Thang Loi Gia Lai (VND800 billion) which would buy agricultural materials, fruits and animal feeds, while the other part (VND400 billion) would be lent to its two subsidiaries – Gia Lai Livestock and Lo Pang Livestock - to run fruit tree projects.

HAGLBOND16.26 was the lot of shares issued by HAGL on December 30, 2016, with value of VND6.6 trillion, with maturity expected by the end of 2026. The bond holder is the Bank for Investment and Development of Vietnam (BIDV). 

HAG plans to use capital from the bond issuance to pump more capital into projects on investment and debt restructuring.

In July 2019, HAG bought back VND1.12 trillion worth of bonds from VPBank. In June 2021, HAG bought back VND400 billion worth of bonds and completed the premature repayment of VND930 billion. The bonds were issued on December 29, 2016, and the holder was HDBank.

Other companies have also done the same. VIX Securities on September 9 approved a plan to buy back some bonds worth VND200 billion issued in October 2021. Gelex in May 2022 completed a VND300 billion redemption payment of bonds, two years before maturity. 

Manh Ha

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