HAGL to sell $200 mln in five-year bonds

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HAGL Joint-Stock Co., Vietnam's second-largest publicly traded real estate company, plans to raise US$200 million from the sale of five-year bonds to develop rubber plantations and hydropower plants.

The fixed-rate notes will be offered in early 2011, depending on market conditions, the company said in a statement posted on its website.

"We're going to seek approval from shareholders for the plan," Vo Truong Son, vice general director of the company, said in a phone interview Wednesday (December 15). HAGL will sell dollar-denominated securities with help from Credit Suisse Group AG and will list them on Singapore's stock exchange, he said.

The real estate developer will use the proceeds for general corporate purposes, including planting rubber trees on 15,000 hectares and 25,000 hectares in Cambodia and Laos respectively, it said in the statement. The company will also use the funds to build six hydropower plants in Vietnam, it said.

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