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The plan was announced early this month to raise the company's capital by 20 per cent to VND1.2 trillion (US$52.4 million).
Instead, PNJ will issue bonds this year, which will be worth a maximum of VND500 billion ($22.2 million), valued at VND1 million ($44.4) per bond and will mature within one year.
The amount of money collected from the bond issuance will be spent on restructuring VND350 billion ($15.6 million) of the company's short-term loans and developing a retailer network, which is worth VND150 billion ($6.6 million). The bonds will be divided into two types – a secured bond, which are stakes owned by shareholders with benefits such as dividends and rights to purchase shares, and non-secured bonds. The bond interest rate will be based on the market interest rate at the issuance date and will be fixed until the maturity date.