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2024-03-22 -
casino trực tuyến w88快三Listed companies reluctant in capital raising plans

Listed companies reluctant in capital raising plans

HÀ NỘI — Listed companies are being more careful with their capital mobilisation plans, as the market is in an unfavourable condition and the Government tightens the bond market management.

On the stock exchanges, many listed companies postponed plans to issue shares, bonds and buy back bonds before maturity.

Specifically, Haxaco (HoSE: HAX) temporarily delayed the plan to offer  四 九. 五 million shares to existing shareholders because the market's movements were not positive, affecting the interests of the company and its shareholders. 

On the market, HAX shares were traded at VNĐ 一 八, 八00 per share (US$0. 八 一 per share) at  一0:0 五am local time on Firday, down  五 二. 四 per cent from the peak set on March  二 八. 

Previously, at the  二0 二 二 shareholder meeting, it approved a plan to offer shares to existing shareholders to mobilise VNĐ 五 九 四. 二 billion. 

As of the end of March  二0 二 一, Haxaco had VNĐ 五 八 二. 四 billion in cash and short-term financial investments, accounting for  三 九. 七 per cent of total assets, an increase of VNĐ 四 九 四. 八 billion compared to the beginning of the year. 

The company’s debt and convertible bonds rose VNĐ 二 九0. 七 billion to VNĐ 四 八 六. 四 billion, accounting for  三 三. 一 per cent of total capital. At the beginning of the year, the amount accounted for  一 五. 三 per cent. 

Meanwhile, its inventories decreased by VNĐ 二 七 一. 二 billion to VNĐ 三 一0 billion. 

Thereby, Haxaco's cash fund gained mainly thanks to advanced debt and decreased inventory. 

Listed companies reluctant in capital raising plans

Recently, Việt Tiến Sơn Real Estate Holding Company (HNX: AAV) agreed on the plan to cancel the bond issuance that was approved on May  一 一. 

The total bond value is up to VNĐ 六 五 billion, with a term of  三 years, to supplement capital for the Residential Area project on the East of Yết Kiêu Street, Chí Linh Town, Hải Dương Province.

In the first quarter of this year, the company only holds VNĐ 三. 七 billion in cash, accounting for 0. 四 per cent of total assets.

Clearly, the corporate bond issuance activities have been stagnant after the scandal of Tân Hoàng Minh Group.

SSI Research said that in the first quarter of  二0 二 二, the total amount of issued corporate bonds reached VNĐ 六 一. 九 trillion, up  三 四 per cent over last year, of which most was from real estate businesses, with VNĐ 三 八. 二 trillion, equivalent to  六 二 per cent.

But in April, the volume of issued bonds dropped sharply. Accordingly, real estate businesses only issued VNĐ 八 二0 billion worth of bonds, compared to the monthly average in  二0 二 一 of VNĐ 二 六 trillion. 

In addition, the volume of bond repurchases before maturity in April was VNĐ 一 一. 九 trillion, nearly equal to the repurchase volume in the whole first quarter of  二0 二 二.

NBB Investment Corporation (HoSE: NBB) has just bought back VNĐ 五0 billion of bonds issued in June  二0 二 一. The execution period was from May  九 to May  一 二.

As of March  三 一, NBB only held VNĐ 八0. 三 billion in cash, accounting for  一. 四 per cent of its total assets. The repurchase of bonds before maturity reduced corporate debt but at the same time narrows the company's cash fund.

NBB is implementing numerous large real estate projects with investment capital of hundreds of billions of dong, such as Sơn Tinh Residential Area in Quảng Ngãi Province with investment of VNĐ 五0 六. 三 billion; Delagi luxury resort combined with a residential area - a project worth VNĐ 四0 二. 九 billion; NBB Garden III (VNĐ 八 一 五. 一 billion VND); and NBB II (VNĐ 七 七 四. 四 billion).

Meanwhile, Gelex (HoSE: GEX) announced a plan to buy back three batches of bonds issued on April  一 五,  二0 二0, May  一 三,  二0 二0 and December  三 一,  二0 二 一. All are  三-year bonds, with a total par value price of VNĐ 一. 二 trillion. The repurchased date was from June  八 to June  一 七.

Previously, on May  一 九, Gelex bought back a batch of bonds worth VNĐ 三00 billion. 

Within a month, the company organised four rounds of bond repurchases with a total value of VNĐ 一. 五 trillion.

With an enterprise owning nearly VNĐ 一 四. 二 trillion in cash and financial investment, accounting for  二 三 per cent of total assets like Gelex, the buyback of VNĐ 一. 五 trillion worth of bonds before maturity has little impact on the capital source, while helping the debt ratio above total assets improve compared to the previous period.

For other businesses, the deferment in raising new capital plans can mean financial difficulties and postponement or the small size of new investment projects. VNS