Vietnam BIDV to Lend US$334.3 Mln to Hoang Anh Gia Lai in 2009-2011

12:48:51 PM | 14/1/2009

The Bank for Investment and Development of Vietnam (BIDV), the second biggest state-owned bank by assets, will provide VND5.650 trillion (US$334.3 million) in loans to Hoang Anh Gia Lai Group to invest into realty, mining, rubber, hydropower projects from 2009 to 2011.
The BIDV and Hoang Anh Gia Lai Group have just signed a comprehensive cooperation deal in Ho Chi Minh City.
The funds will include VND650 billion of short-term loans and VND5 trillion of medium, long-term credits.
Hoang Anh Giai Lai floated 179.8 million shares on Ho Chi Minh City Stock Exchange late last year and increased for six consecutive days.
Last year, the group issued VND350 billion of 2-, 3-years.
In the first three quarters last year, HAGL netted profit of VND708.8 billion (US$43 million) on revenues of VND1.6 trillion.
The company has adjusted its profit target for 2009 to be around VND1.1 trillion from VND4 trillion set previously given that the price on the property market will halve next year, HAGL Chairman Doan Nguyen Duc said.
HAG stock lost 0.9 per cent at VND60,500 on 29,120 shares traded on January 12 with foreign buying of 2,500 units. (Stock Investment)