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Keppel Land invests more in Nam Long

11 April 2016
The Saigon Times

Keppel Land Co Ltd through its subsidiary Ibeworth Pte. Ltd. has clinched a deal with Nam Long Housing Development Company to buy VND500 billion (US$22.4 million) worth of convertible bonds.

The bond has an annual coupon of 7% and will fall due in 2020 under the agreement the two sides signed last Friday.

The foreign investor reserves the right to convert the bonds into shares of Nam Long with the conversion price of VND23,500 per share.

Early last year, Keppel Land, via Ibeworth, purchased 7.1 million shares issued by Nam Long Investment Corporation, making up about 5% of the local firm’s shares with a total transaction value of over VND140 billion (US$6.2 million).

If all the bonds are converted into shares, Keppel Land will hold a 15% stake in Nam Long.

According to Ang Wee Gee, chief executive officer of Keppel Land, the registered purchase of convertible bonds following the investment in Nam Long last year showed Keppel Land’s confidence in business growth of Nam Long as well as long-term investment in Vietnam, which is one of the Singapore company’s key markets.

With 19 licensed projects, Keppel Land is stepping up investment to realize its plan to develop around 25,000 homes in Vietnam.

Nam Long is investing heavily in urban areas and apartment projects in the southern provinces and cities, including HCMC, Binh Duong, Can Tho and Long An.
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