Vietnam’s fourth-biggest listed property developer No Va Land said Citigroup has converted $1 million worth of its five convertible bonds into around 271,000 shares of the company.
The conversion price, according to a No Va Land statement dated November 22, was at 85,000 dong ($3.42), while shares were trading at 21,950 dong as of 0431 GMT on Thursday, the lowest level since the company listed on Ho Chi Minh Stock Exchange.
Founded in 2007, No Va Land is active mostly in residential property and luxury resorts. The company’s share value has dropped nearly 76% since the beginning of this year.
No Va Land has been the biggest issuer of corporate bonds among Vietnam’s property firms this year, says industry body Vietnam Bond Market Association, placing debt worth 9,857 billion dong ($396.3 million).
In a separate statement, No Va Land said it has actively worked with both domestic and international financial institutions to ensure financial health and to be fully prepared for the upcoming period.
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