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Listed firms are being extra cautious with their capital mobilisation plans, because the market is in an unfavourable situation and the Authorities tightens the bond market administration.
On the inventory exchanges, many listed firms postponed plans to challenge shares, bonds and purchase again bonds earlier than maturity.
Particularly, Haxaco (HoSE: HAX) briefly delayed the plan to supply 49.5 million shares to current shareholders as a result of the market’s actions weren’t optimistic, affecting the pursuits of the corporate and its shareholders.
Available on the market, HAX shares have been traded at VND18,800 per share (US$0.81 per share) at 10:05am native time on Firday, down 52.4 per cent from the height set on March 28.
Beforehand, on the 2022 shareholder assembly, it accepted a plan to supply shares to current shareholders to mobilise VND594.2 billion.
As of the top of March 2021, Haxaco had VND582.4 billion in money and short-term monetary investments, accounting for 39.7 per cent of complete property, a rise of VND494.8 billion in comparison with the start of the yr.
The corporate’s debt and convertible bonds rose VND290.7 billion to VND486.4 billion, accounting for 33.1 per cent of complete capital. At first of the yr, the quantity accounted for 15.3 per cent.
In the meantime, its inventories decreased by VND271.2 billion to VND310 billion.
Thereby, Haxaco’s money fund gained primarily due to superior debt and decreased stock.
Not too long ago, Viet Tien Son Actual Property Holding Firm (HNX: AAV) agreed on the plan to cancel the bond issuance that was accepted on Might 11.
The overall bond worth is as much as VND65 billion, with a time period of three years, to complement capital for the Residential Space mission on the East of But Kieu Road, Chi Linh City, Hai Duong Province.
Within the first quarter of this yr, the corporate solely holds VND3.7 billion in money, accounting for 0.4 per cent of complete property.
Clearly, the company bond issuance actions have been stagnant after the scandal of Tan Hoang Minh Group.
SSI Analysis stated that within the first quarter of 2022, the entire quantity of issued company bonds reached VND61.9 trillion, up 34 per cent over final yr, of which most was from actual property companies, with VND38.2 trillion, equal to 62 per cent.
However in April, the quantity of issued bonds dropped sharply. Accordingly, actual property companies solely issued VND820 billion value of bonds, in comparison with the month-to-month common in 2021 of VND26 trillion.
As well as, the quantity of bond repurchases earlier than maturity in April was VND11.9 trillion, almost equal to the repurchase quantity in the entire first quarter of 2022.
NBB Funding Company (HoSE: NBB) has simply purchased again VND50 billion of bonds issued in June 2021. The execution interval was from Might 9 to Might 12.
As of March 31, NBB solely held VND80.3 billion in money, accounting for 1.4 per cent of its complete property. The repurchase of bonds earlier than maturity diminished company debt however on the identical time narrows the corporate’s money fund.
NBB is implementing quite a few massive actual property initiatives with funding capital of a whole bunch of billions of dong, akin to Son Tinh Residential Space in Quang Ngai Province with funding of VND506.3 billion; Delagi luxurious resort mixed with a residential space – a mission value VND402.9 billion; NBB Backyard III (VND815.1 billion VND); and NBB II (VND774.4 billion).
In the meantime, Gelex (HoSE: GEX) introduced a plan to purchase again three batches of bonds issued on April 15, 2020, Might 13, 2020 and December 31, 2021. All are 3-year bonds, with a complete par worth value of VND1.2 trillion. The repurchased date was from June 8 to June 17.
Beforehand, on Might 19, Gelex purchased again a batch of bonds value VND300 billion.
Inside a month, the corporate organised 4 rounds of bond repurchases with a complete worth of VND1.5 trillion.
With an enterprise proudly owning almost VND14.2 trillion in money and monetary funding, accounting for 23 per cent of complete property like Gelex, the buyback of VND1.5 trillion value of bonds earlier than maturity has little influence on the capital supply, whereas serving to the debt ratio above complete property enhance in comparison with the earlier interval.
For different companies, the deferment in elevating new capital plans can imply monetary difficulties and postponement or the small dimension of recent funding initiatives.
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