ITA, KBC announce share, convertible bond issuance

Tan Tao Investment Industrial JSC (ITA) and Kinh Bac City Development Share Holding Corporation (KBC) announced share and convertible bond issuance as follows:

ITA plans to make private placement for 100 million shares in the first quarter of 2014 to write off debts, of which, 69.19 million shares will be offered to sell to Tan Tao Group; 28.08 million shares will be sold to Tan Tao Infrastructure Development JSC; and 2.72 million shares will be sold to an individual.

In early 2013, ITA also issued nearly 116 million shares to write off more than VND1.15 billion of debts.

KBC plans to issue VND1.02 trillion worth of convertible bonds with face value of VND1 billion each and interest rate at 1.5 percent per annum. Earlier, the company approved to issue 100 million shares to sell to about 20 investors and creditors to write off debts and mobilize money to add to its capital. The company's nine-month-accumulated loss reached VND128.8 billion.

Source: Dau Tu Tai Chinh – Translated by Thuy Doan

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