Vietnamese real estate development to retail company Vingroup plans to conduct a private placement offering to secure $1 billion.
The company will offer for sale 250 million shares, equivalent to 7.8 percent of the outstanding shares, to a maximum of five foreign institutional investors.
The proposed offering price is above $4.32 per share. Vingroup has a market capitalisation of $16.3 billion.
Vingroup will earmark $431.7 million for restructuring debt, $259 million for its subsidiaries, VinFast, VinTech and Vinsmart, $172.7 million for investments in real estate projects and $215.8 million for business activities.