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Hoang Anh Gia Lai to issue nearly 162 million shares

Hoang Anh Gia Lai Joint Stock Company (HAG) has approved a plan to issue nearly 162 million shares to increase its working capital and pay for its bonds that fall due.

The shares will be sold at VND10,500 each and untradable for one year. Nearly VND1.7 trillion is expected to be mobilized from professional stock investors.

Of the total, VND1.2 trillion will be offered as loans to Hung Thang Loi Gia Lai Co., Ltd, Gia Lai Livestock JSC and Lo Pang Livestock JSC, and VND500 billion will be paid for bonds issued by HAG in late 2016.

HAG had earlier announced two companies and an individual that would buy HAG shares, including Glory Land Co., Ltd, Viet Fortune Fund Management JSC and Nguyen Duc Quan Tung.

Glory Land would spend VND1 trillion buying 95.2 million HAG shares, Viet Fortune Fund Management would acquire 47.6 million HAG shares worth VND500 billion, and Nguyen Duc Quan Tung would pay some VND200 billion for over 19 million shares.

Notably, the starting price of HAG shares is 38% higher than the price on June 13. The stock has fallen over 50% from the record set on January 17.

Source: SGT

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