Unveiling the Curious Real Estate Company With Liabilities 31 Times Its Equity, Intriguing Insights Emerge Regarding the New Helmsman

Ngoc Minh Investment and Real Estate Co., Ltd. has just submitted its financial information for 2023 to the Hanoi Stock Exchange (HNX). This business is quite a strange name on the market despite being established since 2014.

According to the report, the real estate business reported a loss of nearly 115 billion VND, an increase of 40% compared to the same period last year (a loss of nearly 82 billion VND). On average, the company loses about 315 million VND per day.

As of December 31, 2023, the company’s equity was negative 51 billion VND, while at the beginning of the year it recorded an equity of 63.4 billion VND.

Notably, this company maintains a high leverage ratio with a debt-to-equity ratio of up to 31.3 times, equivalent to a debt of 1,602 billion VND.

In which, the outstanding bonds/equity ratio was at the level of 14.6 times (equivalent to nearly 750 billion VND) at the end of 2023.

Regarding the principal and interest payment of bonds in 2023, this business has a Ngocminh2019 bond lot issued on June 28, 2019, with a total value of 1,300 billion VND. Currently, the outstanding value of this bond lot is 750 billion VND, with an interest rate of 11.8%/year.

In 2023, the company made 4 interest payments on this bond lot, but all payments were late due to the failure to arrange capital sources for timely payment.

According to the survey, Ngoc Minh Investment and Real Estate Co., Ltd. was established on October 30, 2014; located at Room 702A, Floor 7, CenterPoint Building, 106 Nguyen Van Troi, Ward 8, Phu Nhuan District, Ho Chi Minh City; operating in the real estate sector. 

Notably, information about the legal representative of this company is quite interesting. The representative is Ms. Vo Thi Kim Khoa. Ms. Khoa is also a legal representative or related to 29 other enterprises, mostly operating in the real estate industry, such as Nam Thien Phat Investment Co., Ltd., 0709 Investment Co., Ltd., Trung Son A Real Estate Investment and Development Co., Ltd., Phuoc Thien Urban Area Co., Ltd., BNP Global Real Estate JSC…