Vingroup to raise $400 mln by issuing shares to Hanwha unit

Hanwha Life Insurance

22/08/2018 07:52

HANOI, Aug 22 (Reuters) - Vietnam's biggest conglomerate
Vingroup JSC  VIC.HM  will raise $400 million by issuing
preference shares to a unit of South Korea's Hanwha Life
Insurance  088350.KS  in a private placement, it said on
Wednesday.
    Vingroup will issue 84 million convertible dividend
preference shares to Hanwha Asset Management at a price of
110,976 dong ($4.76) per share, it said in a statement. The
shares will not be transferable for one year.
    Vingroup, which had a market value of about 340 trillion
dong as of July 31, has businesses in property, hospitality,
entertainment, retail, healthcare, education, agriculture,
automobiles and smartphone production.
    The company recently announced plans to foray into
artificial intelligence.
    Credit Suisse (Singapore) Ltd was Vingroup's financial
adviser in the private placement.

($1 = 23,293 dong)

 (Reporting by Khanh Vu; Editing by Sai Sachin Ravikumar)
 ((khanh.vu@thomsonreuters.com; +84 24 38259623; Reuters
Messaging: khanh.vu.thomsonreuters.com@reuters.net))