(Corrects to say affiliate, not unit, in headline and 1st paragraph)
HANOI, Aug 22 (Reuters) - Vietnam’s biggest conglomerate Vingroup JSC will raise $400 million by issuing preference shares to an affiliate of South Korea’s Hanwha Life Insurance in a private placement, it said on Wednesday.
Vingroup will issue 84 million convertible dividend preference shares to Hanwha Asset Management at a price of 110,976 dong ($4.76) per share, it said in a statement. The shares will not be transferable for one year.
Vingroup, which had a market value of about 340 trillion dong as of July 31, has businesses in property, hospitality, entertainment, retail, healthcare, education, agriculture, automobiles and smartphone production.
The company recently announced plans to foray into artificial intelligence.
Credit Suisse (Singapore) Ltd was Vingroup’s financial adviser in the private placement. ($1 = 23,293 dong) (Reporting by Khanh Vu; Editing by Sai Sachin Ravikumar)