At the 2024 annual shareholders’ meeting of Sacombank (stock code: STB), the bank’s leadership said that it had successfully auctioned the loan secured by property rights at the Phong Phu Industrial Park project. To date, the bank has recovered 20% of the total initial successful sales contract value. The auction winner will make payments in accordance with the progress of the project’s legal procedures, with an estimated 40% of the total amount to be paid in 2024 and the remaining 40% to be paid off in 2025.
According to information from the Agriseco Securities Company, Sacombank has successfully auctioned the Phong Phu Industrial Park for over VND 7,900 billion and is waiting to receive payment. This will help Sacombank increase its income-generating assets, creating a strong growth position in the coming period.
Earlier, in early 2023, Sacombank organized an auction of 18 loans secured by assets at the Phong Phu Industrial Park project. This was the sixth time Sacombank has auctioned this debt, with a starting price of VND 7,934 billion. According to the bank, the total value of the loans as of December 31, 2021 was VND 16,196 billion, of which the principal balance was over VND 5,134 billion and the outstanding interest was over VND 11,061 billion.
This is a loan arising from SouthernBank’s lending in the period 2011-2012. In 2015, when SouthernBank merged into Sacombank, this loan became a bad debt that Sacombank had to deal with.
Photo of Phong Phu Industrial Park in Ho Chi Minh City.
According to our research, the Phong Phu Industrial Park project has a scale of 134 hectares and is located at the southern gateway of Ho Chi Minh City. The project includes 67 hectares of industrial park land, with the remaining area serving industrial services, including supermarkets, hospitals, and expert housing.
The industrial park is owned and developed by Phong Phu Industrial Park JSC. The company was established in June 2001, with the following shareholder structure: Binh Chanh Construction Investment JSC (BCCI) owns 70% of the charter capital; Nam Sai Gon Development JSC (Sadeco) owns 25%; and Tan Thuan Industrial Development Co., Ltd. (IPC) owns 5%.
However, most recently, in October 2023, Phong Phu Industrial Park JSC announced that Mr. Tran Tan Hong Cuong (born in 1964) had become the new General Director/Legal Representative, replacing Mr. Nguyen Ngoc Quang (born in 1956).
Mr. Tran Tan Hong Cuong Standing in the middle.
