Hoang Anh Gia Lai gets green light for $53.2M private placement of shares

By Thi Ha February 15, 2024 | 06:12 pm PT

Doan Nguyen Duc, chairman of Hoang Anh Gia Lai. Photo by Duc Dong

The State Securities Commission has approved a private placement of 130 million shares worth VND1.3 trillion (US$53.2 million) by agriculture giant Hoang Anh Gia Lai.

According to chairman Doan Nguyen Duc, HAGL will use VND347 billion to redeem its HAG2012.300 bonds, VND253 billion to restructure the debts of its livestock subsidiary Lo Pang and the remainder to invest in another subsidiary, Hung Thang Loi Gia Lai.

Of the 130 million shares, 50 million will be bought by LPBank Securities and 52 million by conglomerate Thaigroup.

Previously, Nguyen Duc Thuy served as the chairman for both companies before stepping down from Thaigroup in 2020.

Currently, Thuy holds the position of chairman at LPBank.

The bank and HAGL established a comprehensive partnership last quarter.

LPBS chairman Le Minh Tam will also participate in the private offering, buying 28 million shares for a 2.65% stake in the company.