According to the information announced on the Hanoi Stock Exchange (HNX), Saigon Glory Co., Ltd has reached an agreement with bondholders to extend the maturity of 10 bond lots worth 10,000 billion VND.
Previously, on January 29, 2024, Saigon Glory submitted a letter seeking opinions from bondholders regarding the extension of bond maturity, adjustment of interest rates, and the repurchase of a portion of the principal.
Resolution of bondholders of the SGL-2020.10 bond lot. Source: HNX
On February 5, 2024, the 10 bond lots with codes: SGL-2020.01, SGL – 2020.02, SGL – 2020.03, SGL – 2020.04, SGL – 2020.05, SGL – 2020.06, SGL – 2020.07, SGL – 2020.08, SGL – 2020.09 to SGL-2020.10, will be extended for 1-2 years.
The value of each lot is 1,000 billion VND, with a total extended value of 10,000 billion VND.
During the extension period, the issuing organization will repurchase the principal of each lot as soon as possible but not later than the payment schedule specified in the bondholders’ resolution.
For the SGL-2020.01, SGL – 2020.02, SGL – 2020.03, SGL – 2020.04, SGL – 2020.05 lots, the repurchase of the principal will be divided into 6 installments; the remaining 5 lots: SGL – 2020.06, SGL – 2020.07, SGL – 2020.08, SGL – 2020.09 to SGL-2020.10 will be divided into 7 installments.
In addition, during the extension period, all 10 bond lots mentioned above will apply an interest rate of 8% per year. The interest calculation period will also be adjusted from every 3 months as before to every 12 months from the start of the extension.
Saigon Glory is a subsidiary of Bitexco Group owned by entrepreneurs Vu Quang Hoi and Vu Quang Bao, with 100% ownership. Currently, Mr. Vu Quang Bao is the Chairman of Saigon Glory’s Board of Directors.
It is known that Saigon Glory is the investor of the Office – Commercial – Service – Residential – 6-star hotel and hotel office project (Ben Thanh Quadrangle), commercially known as The Spirit of Saigon. The project is located in the prime location of downtown Saigon with 4 frontages on Le Thi Hong Gam – Calmette – Pham Ngu Lao – Pho Duc Chinh streets.
The Spirit of Saigon project is built on an area of over 8,500m2, including 2 towers with 55 and 48 floors, a 7-story base and underground floors connected to the Ben Thanh – Suoi Tien metro station.
