Realty firm An Gia acquires $25 mln loans from overseas
The An Gia Real Estate Investment and Development Corporation is set to borrow two loans totalling $25 million from foreign institutions.
An Gia is a major realty business in Vietnam, focusing on the market in Ho Chi Minh City and nearby localities. Photo courtesy of the firm.
On Thursday, the firm, listed on the Ho Chi Minh Stock Exchange as AGG, approved a short-term loan of $10 million from Taiwan's Shanghai Commercial & Savings Bank, Ltd. - Offshore Banking Branch (SCSB-OBB).
It also approved the issuance of a standby letter of credit given by SCSB-Dong Nai branch as security for the loan.
A week earlier, AGG approved a loan of $15 million from Singapore-based Hatra PTE Limited.
AGG is borrowing these sums amidst the ongoing credit crunch in Vietnam. With banks limiting lending due to the State Bank of Vietnam's cap on credit expansion to control inflation and bond issuance becoming a tough proposition, several Vietnamese companies have been trying to access foreign loans that have higher interest rates than domestic ones.
Vietnam’s corporate bond market saw only one issuance in October and businesses have been buying back their bonds before maturity. With many bonds maturing next year, issuers are scrambling to raise funds to meet their upcoming commitments.
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