Ha Tien 1 issues new shares for debt reduction, Vietnam

Ha Tien 1 Cement JSC (HT1) has approved a plan to issue 120 million new shares in a private placement to Vietnam Cement Industry Corporation (Vicem), the country’s leading cement producer.

The issuance is aimed to reduce its loans contracted with Vicem, HT1 said in a statement sent to the bourse.

After the issuance, Vicem’s holding in HT1 will increase to 79.69 per cent, equal to 253.42 million shares, from the current 67.38 per cent, Vietnam News Brief reported. At end-June, HT1 had VND4.25trn (US$200.3m) worth of short-term debts, VND200bn higher than its short-term assets.