Indochine Counsel Advised Thaco Group in Its $350 Million Convertible Bond Issuance to Jardine Cycle & Carriage

Ho Chi Minh City, 23 November 2023 — Indochine Counsel advised Truong Hai Group Corporation (Thaco Group) on a groundbreaking $350 million convertible bond issuance to Jardine Cycle & Carriage Limited, marking Vietnam’s largest offering this year.

The issuance consisted of 8,680 bonds, each with a face value of VND1 billion (approximately US$42,200) and a fixed annual interest rate of 6%, successfully completed on 14 November 2023. The bonds, with a five-year term, will mature on 14 November 2028.

Jardine Cycle & Carriage Limited (JC&C), a pivotal regional investment holding entity within the Jardine Matheson Group, is publicly listed on the Singapore Exchange Mainboard. Since 2008, JC&C has forged a strategic partnership with Thaco Group through an equity investment, a transaction in which Indochine Counsel also advised Thaco Group.

The successful completion of this landmark transaction not only reaffirms the enduring cooperation between Thaco Group and JC&C but also underscores Indochine Counsel’s role as the trusted legal partner of Thaco Group.

Managing Partner Dang The Duc led the Indochine Counsel team together with Associate Dang Hoan My and Junior Associate Ngo Dang Loc.

About Indochine Counsel

Indochine Counsel is one of Vietnam’s leading law firms. It is a business specialty firm with twenty-five lawyers in both Ho Chi Minh City and Hanoi. Founded 17 years ago, Indochine Counsel has five partners and one senior counsel and is capable of handling both boutique services and large M&A deals. For more information about Indochine Counsel, please visit our website at