Specifically, the 12 bond lots in the package with the codes: TBSCH1926002, TBSCH1928012, TBSCH1926005, TBSCH1928006, TBSCH1928007, TBSCH1928008, TBSCH1928009, TBSCH1928010, TBSCH1926003, TBSCH1926004, TBSCH1928011, and TSP119001. In total, these 12 bond lots raised VND 2.1 trillion, with maturities ranging from 2026 to 2028.
According to the resolution, the bondholders of these 12 lots approved several matters related to the transfer of secured assets. Firstly, they agreed to allow Trung Nam Renewable Energy JSC (a subsidiary of Trungnam Group and the guarantor of the bond package) to transfer all 19.9 million shares of Trung Nam Solar Power JSC. The recipients of these shares were Asia Renewable Energy Development JSC (18 million shares) and Mr. Nguyen Thanh Binh (1.9 million shares).
 Trung Nam – Thuan Nam Solar Power Plant
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Secondly, Mr. Vu Nhat Thanh and Ms. Dao Thi Minh Hue, who are also guarantors of the bond package, were permitted to transfer 10,000 shares and 90,000 shares of Trung Nam Solar Power JSC to Mr. Nguyen Dang Khoa, respectively.
As a result, Asia Renewable Energy, Mr. Binh, and Mr. Khoa have become guarantors of the bond package, using 18 million shares, 1.9 million shares, and 100,000 shares of Trung Nam Solar Power JSC as collateral, respectively. All three will sign a mortgage contract with the managing organization.
Notably, among the new guarantors, Mr. Dang Khoa used to be the legal representative and General Director of Asia Energy, before handing over his position to Mr. Pham Dinh Thang in 2020. Mr. Khoa is currently the legal representative of Trung Nam Solar Power JSC.
Asia Renewable Energy was established in early 2019, initially named Asia High-Tech Electrical Engineering JSC, focusing on the production of wires, electrical and electronic cables, and later shifting to the manufacturing of other electrical equipment. Its charter capital was initially VND 30 billion, increased to VND 128 billion in 2020. In 2021, the role of legal representative was transferred to Mr. Trinh Thanh Giang, the Chairman of the Board of Directors.
In June 2023, the company changed its name to Asia Renewable Energy JSC. The role of legal representative was then transferred to Ms. Tran Thi Ngoan. The charter capital was increased from VND 128 billion to VND 1,000 billion. In June 2024, the capital was further raised to nearly VND 1,470 billion.
Ms. Ngoan was also a guarantor of Trungnam Group’s bond package. In late August 2023, the bondholders’ conference agreed to allow Trung Nam Renewable Energy JSC to transfer all secured assets, comprising 31 million shares of Trung Nam Solar Power JSC, to Ms. Ngoan. They also approved Ms. Ngoan’s use of these shares to contribute capital to Asia Renewable Energy Development JSC, on the condition that she pledges to mortgage all the shares after the transfer.
