Nguyen Dang Quang has taken over as the chairman of VinCommerce, owner of Vietnam’s biggest retail chain VinMart.
Quang, chairman and CEO of Masan, also took over as chairman of VCM Services and Trading Development Jsc, a subsidiary of Vingroup that owns a 64.4 percent of VinCommerce, Masan revealed this in a recent announcement about a bond issue.
VinCommerce Jsc, a subsidiary of conglomerate Vingroup, merged with Masan last December. Masan, a producer of sauces, beverages, instant noodles, and meat, owns an 83.74 percent stake in VCM.
Masan on Monday made a VND3 trillion ($128.8 million) public bond issue with a coupon rate of 9.3 percent for the first year and maturity of three years.
This is the first of four issuances the company has planned this year to raise VND10 trillion ($429.4 million) to increase its subsidiaries’ charter capital and retire debts.
It aims to achieve a 25 percent retail market share this year with over 3,000 outlets.
Masan’s revenues fell 2.2 percent last year to VND37.35 trillion ($1.6 billion).