On August 9, the company, formally Hoang Anh Gia Lai Agrico, will convert 221,700 bonds to 221.7 million shares, equivalent to one bond per 1,000 shares, it said in a statement. Its current charter capital is VND8.87 trillion ($382.6 million).

Banana is one of HAGL Agrico's main fruits.

Automaker Truong Hai Auto Corporation (THACO), which owns 13.12 percent of HAGL Agrico, holds 99.99 percent of the bonds. The rest belongs to 14 individuals.

HAGL Agrico’s HNG share was traded at VND17,850 (77 cents) on Tuesday, down 5 percent from this year’s peak on July 15.

In June last year, HAGL Agrico offered 221,710 bonds to shareholders, each convertible into 1,000 shares, but a mere 22 were bought. THACO picked up the remaining 221,688 bonds for VND2.2 trillion ($97.7 million), which carried a coupon rate of zero percent.

HAGL Agrico has been facing financial difficulties since early 2018. It reported revenues of VND1.66 trillion ($71.59 million) in 2018 and losses of VND171.75 billion ($7.41 million) against profits of VND9.16 billion ($395,000) the previous year.

THACO, a leading car and commercial vehicle maker in Vietnam, has been seeking to increase its ownership in Agrico in recent months and has stepped in several times to rescue HAGL Agrico from financial difficulties.

It has so far injected around VND22 trillion ($949 million) in the form of equity and loans, helping Agrico restructure itself.

Agrico has been growing fruits since 2016. Last year, passion fruit, bananas and dragon fruit, along with chili, fetched the company VND1.4 trillion ($60.37 million), or around 84 percent of its revenue. Its main markets are China and Thailand.

Over 100 ha of fruit trees in Tan Yen qualified as VietGAP standard

(BGO) – Tan Yen district (Bac Giang province) is now home to a total area of over 3,300 ha of fruit tree cultivation, 2,600 ha of which is ready for harvesting with total productivity of 24,174 tonnes.

Mekong Delta to have quality breed sources for fishery, fruit and rice

The Ministry of Agriculture and Rural Development has implemented several measures to develop the best breeding sources to produce seeds for the delta’s fishery, fruit and rice sectors by 2025.

Bayer Agricademy trains fruit, coffee farmers

Some 400 pomelo, durian and coffee farmers from Highlands, South-eastern and Mekong Delta provinces are attending seven classes for advanced training in agronomy, cultivation techniques and integrated pest management.

Luc Ngan: 12 fruits of organic lychee worth over 8 USD

(BGO) – This year, Luc Ngan district (Bac Giang province) introduced the first ever organic lychees that worth 200,000 VND (over 8 USD) per box consisting of 12 fruits.

Garment-textile, fruit-vegetable exports surge

Vietnam’s total garment-textile export turnover was estimated at 14.5 billion USD in the first five months of 2019, a year-on-year rise of 9.11 percent.

Source: VnExpress