Vietnam's Masan Group To Offer $500 Million in International Convertible Notes

Masan Group, a Vietnamese conglomerate, is considering issuing up to $500 million in international convertible notes and postponing the overseas offering of its retail arm, The CrownX, according to its CEO on Monday.

Responding to shareholder queries at the company's annual meeting in Ho Chi Minh City, CEO Danny Le stated that the CrownX's initial public offering (IPO) would be delayed until 2024 or 2025 due to poor market conditions.

"We are preparing the IPO for The Crown X, but with all that is going on with the bond and the development in terms of market landscape and legal framework here, we need to wait another 12 months," Le stated during the live-streamed meeting.

Masan last year flagged that it was considering all aspects for the The CrownX listing that could be on the New York Stock Exchange, or in Hong Kong, Singapore or Vietnam, in 18-24 months.

Masan on Monday said it was also seeking to raise funds from international bond sales to finance its investment activities, supplementing working capital and restructuring the group's foreign debts.

The bonds, which will be issued this year or in 2024, will be listed on the Singapore Stock Exchange with a tenor of five years, unsecured and unwarranted.