Bkav unveils $7.4-mln bond issuance plan

By Thuy Tien   June 2, 2021 | 05:42 pm PT
Bkav unveils $7.4-mln bond issuance plan
Bkav Pro’s artificial intelligence security cameras. Photo courtesy of Bkav Pro.
Cybersecurity firm Bkav Corporation plans to issue bonds worth VND170 billion ($7.4 million) through a subsidiary, Bkav Pro.

The three-year bonds will have a coupon rate of 10.5 percent for the first year and a floating reference rate plus 4.5 percent subsequently, though not be lower than 10.5 percent.

The reference rate refers to the average of 12-month deposit interest rates paid to individuals by Agribank, Vietcombank, VietinBank, and BIDV, the four big state-owned lenders.

Brokerage VNDirect will be the lead manager for the issuance.

Bkav said the money raised would be used to develop artificial intelligence security cameras, invest in digital transformation and develop new models of its smartphone brand Bphone.

CEO Nguyen Tu Quang said the company plans to list on the stock market, but did not indicate when.

Bkav Anti Virus Software JSC, as Bkav Pro is formally known, specializes in developing antivirus software and AI security cameras.

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