The telecoms arm of dominant utility Vietnam Electricity (EVN) group has signed a contract for a domestic bank to underwrite a VND720 billion (US$44.6 million) corporate bond, local media reported Saturday. EVN Telecom's bond might raise more funds than the offer thanks to investor's interest, An Binh Bank's Chief Executive Luu Duc Khanh was quoted by the Liberation Saigon daily as saying, after EVN Telecom signed the contract with An Binh Bank on Friday.
"In such case, we are allowed to raise an extra 20 percent above the target," he said, but gave no details of the bond.
Hanoi-based EVN Telecom is one of three providers of CDMA technology-based mobile phone services in the communist-run Southeast Asian country. It also develops wireless landline phones and provides Internet access.
In April, EVN Telecom said the company and Singapore's VSNL International would build part of a $200-million pan-Asian submarine optic cable which would link Singapore, the Philippines, Japan, Hong Kong and Guam when operational in the first quarter of 2008.
In March, Moody's upgraded the outlook for both Vietnam's foreign currency bonds and local currency bonds to positive from stable. It has a Ba3 rating on the country's dong debt.
Source: Thanh Nien
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