Singapore's property developer Keppel Land Limited has subscribed for VND500 billion (US$22.07 million) worth of convertible bonds issued by Vietnamese real estate company Nam Long Investment Corporation.
A subscription agreement has been signed between Nam Long and Keppel Land's subsidiary Ibeworth Pte. Ltd, according to the Singaporean company's recent statement.
The bonds, due in 2020 with a coupon rate of seven percent a year, can be converted into Nam Long's shares at VND23,500 ($1.03) per share, it said.
The conversion, if happening, will raise the Singaporean developer's stake in Nam Long to around 15 percent, it said.
Last year Keppel Land bought a stake of some 5 percent in the Vietnamese company, which is known for affordable housing projects, at VND140.58 billion ($6.2 million).