Golden Hill Invest will repurchase at face value (5,760 billion VND) and all accrued interest from (and excluding) January 15, 2024 to (and excluding) March 20, 2024, from the arranged source.
It is known that the initial bond was issued on April 15, 2021, with a term of 36 months until April 15, 2024. However, recently, the Company announced that the term will be shortened to 1,070 days, due on March 20, 2024.
Golden Hill Invest’s move is quite surprising as the Company is currently facing numerous issues. Most recently, on January 31, 2024, the Chief of the First Management Customs Branch issued a forced execution measure to stop the customs procedures for the export and import goods of Golden Hill because the company has tax arrears for more than 90 days since the deadline for tax payment, extending tax payment as regulated. The amount subject to forced execution is more than 1,289 billion VND.
With the above tax arrears, Golden Hill Invest drew attention when it ranked second in terms of tax arrears in the second period of 2023, according to the list of Ho Chi Minh City Tax Department, as of the deadline for submission of tax payment extension on October 31, 2023.
* Golden Hill Invest is subject to forced execution due to nearly 1.3 trillion VND tax arrears.
In addition to tax arrears, the Company’s business results are also not optimistic. The after-tax loss in 2022 was nearly 276 billion VND, 48 times higher than the previous year. The return on equity (ROE) was even more negative, reaching 11.39%.
At the end of 2022, the Company’s equity was 2,421 billion VND, a decrease of over 10% compared to the beginning of the year. The payables amount to nearly 12,347 billion VND, 5.1 times the equity, of which about 5,800 billion VND is the bond debt, corresponding to the value of the GHICB2124001 bond lot mentioned above.
The funds raised from this bond lot are said to be for investment in a high-rise project at 87 Cong Quynh Street, Nguyen Cu Trinh Ward, District 1, Ho Chi Minh City – a project with a total area of nearly 8,321 m2 owned by Golden Hill Invest. The project is located in the “golden land” area and has been expected for a long time, but there have been no signs of construction.
 The project located in the “golden land” area of Ho Chi Minh City but has shown no signs of construction for a long time – Photo: Huy Khai
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* What fate awaits the “golden land” project at 87 Cong Quynh, District 1
