Hoàng Anh Gia Lai Postpones Interest and Principal Repayment on Billion-Dollar Bonds
Hoang Anh Gia Lai Joint Stock Company (stock code: HAG) has sent a document to the Hanoi Stock Exchange, informing bondholders of an unusual announcement regarding principal and interest repayments.
As per the announcement, the HAGLBOND16.26 bond’s scheduled interest payment date was June 30. The interest due on this date totaled VND 139.6 billion, with accumulated late interest totaling VND 3,349.4 billion and accumulated late principal payment of VND 1,015 billion.
The delay in payment is attributed to insufficient funds collected from debts owed by Hoang Anh Gia Lai International Agriculture Joint Stock Company (stock code: HNG, with an agreed three-party debt repayment plan in place) and the inability to liquidate certain non-profitable assets of the company.
Hoang Anh Gia Lai expects to make the remaining payments in Q3 2024.
Hoang Anh Gia Lai requests a delay in interest and principal payments on its billion-dollar bonds
Currently, Hoang Anh Gia Lai’s three main products – durian, banana, and banana-fed pork – all have favorable market demand and high selling prices.
Regarding durian, the company expects to harvest the fruit in August and September in the Gia Lai region and from October to December in Laos, leading to a surge in revenue from this product in the last months of the year.
However, as previously shared by Chairman Doan Nguyen Duc (“Bầu Đức”) with shareholders, the profit from the company’s business operations, despite exceeding VND 1,000 billion per year, is still insufficient to clear the accumulated debt within the desired timeframe. Recently, Bầu Đức set a target to clear all accumulated debt by the end of 2024 and become debt-free by 2026, aiming to operate solely with self-funded capital.
Hoang Anh Gia Lai currently has 7,000 hectares of banana plantations in Vietnam, Laos, and Cambodia, producing approximately 200,000 tons per year for export to China, South Korea, Japan, and a small portion for domestic consumption. The company also has 10 pig farm clusters with a capacity of 600,000 pigs per year and 1,500 hectares of durian plantations in Vietnam and Laos.
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