The first half of this year has seen continued decline for Saigon Phu Minh JSC. Financial reports submitted to HNX show that the company incurred a post-tax loss of 247 million VND, compared to a loss of 293 million VND in the same period last year. This follows an annual loss of 545 million VND in 2023, marking two consecutive years of losses after profits of 45 billion VND and 67 billion VND in 2022 and 2021, respectively.
As of the end of June 2024, Saigon Phu Minh’s total liabilities exceeded 1,031 billion VND, with bond debt accounting for over 493 billion VND. Owners’ equity stood at nearly 570 billion VND.
In the first half of this year, the company paid over 32 billion VND in interest on two bond lots, SPJCH2126001 and SPJCH2126002, both bearing an interest rate of 11.25% per annum.
The SPJCH2126001 bond issue, with a value of 440 billion VND, was launched on April 13, 2021, and will mature on April 13, 2026. The bonds are secured by real estate assets in Cat Lai Ward, Thu Duc City, owned by Vietnam Thang Long JSC, as well as properties in Phuoc Kien, Nha Be District, Ho Chi Minh City, owned by Lavila Phuoc Kien JSC. Additional assets include those owned by Kien A Galleria Co., Ltd. and Mr. Huynh Ba Lan and Mrs. Tran Thuy Nga in Phuoc Kien, and all assets, rights, and interests of the Lavila 5 project owned by the company.
The guarantors of these assets are interconnected. Mr. Huynh Ba Lan and Mrs. Tran Thuy Nga (wife) are the founders of Kien A Corporation, a prominent real estate company with a charter capital of 3,000 billion VND. Mr. Lan serves as the Chairman of the Board of Directors, and the company has invested in numerous projects in Thu Duc, Southern Saigon, and Khanh Hoa province, including Imperia An Phu, Citigrand, Citiesto, Citisoho, and Citialto (Thu Duc); Citibella 1 and 2, Citihome, Galleria, Ventura, and Lavila De Rio (Nha Be); Lavila Dong Sai Gon 1 and 2, Lavila Nam Sai Gon 1 and 2, Le Méridien Cam Ranh Bay Resort & Spa (Khanh Hoa); Lavila Marina Cam Ranh Bay, and Alila Bai Om Resort.
Vietnam Thang Long JSC was established in 2007. As of August 2017, its charter capital was 26.8 billion VND, with Ms. Truong Thi Thuy Binh holding 35%, Mr. Truong Minh Nhat 25%, Mr. Ho Huu Xuyen 19%, Ms. Huynh Ngoc Huyen 15.16%, and Viet Thinh Infrastructure and Real Estate Investment and Development JSC holding the remaining 5.84%. In May 2021, after Saigon Minh Phu issued bonds, Mr. Xuyen transferred his entire stake to Mr. Nhat, increasing his ownership to 44%, while the other shareholders remained unchanged. In October 2023, Viet Thinh also withdrew its capital, leaving the remaining shareholders as Ms. Binh with 35%, Mr. Nhat with 49.84%, and Ms. Huyen with 15.16%. In January of this year, the company increased its capital to over 272 billion VND, introducing new shareholders, Ms. Huynh Thuy Phuong (Mr. Lan’s daughter) with 43.18% and Mr. Huynh Ba Si Hao (Mr. Lan’s son) with 23.49%, while Ms. Binh, Mr. Nhat (Director), and Ms. Huyen reduced their holdings to 26.93%, 4.9%, and 1.5%, respectively.
Lavila Phuoc Kien JSC, formerly known as Vinh Phuoc Development JSC, was established in 2010 with a capital of 152 billion VND, equally contributed by Mr. Le Vinh Phuoc (Director) and Mrs. Tran Thi Tuong Vi. The company later increased its capital to 162.9 billion VND, and as of April 2017, the shareholders were Mr. Phuoc with 50%, Ms. Vi with 25%, Mr. Huynh Thanh Tuan with 20%, and Saigon Nam Phu Real Estate JSC with 5%. In February of this year, Saigon Nam Phu withdrew its capital, leaving the remaining shareholders as Mr. Phuoc with 50%, Ms. Vi with 30%, and Mr. Tuan with 20%.
Kien A Galleria Co., Ltd. was established in 2008 and currently has a charter capital of 92 billion VND, with New World Development JSC holding 99% and Mr. Bui Minh Chau, the General Director, holding the remaining 1%.
New World Development JSC has a charter capital of 1,500 billion VND and is currently owned by four members of Mr. Lan’s family: Ms. Thuy Phuong with 33.156%, Ms. Huynh Bich Phuong (Mr. Lan’s daughter) with 32.152%, Mr. Hao with 32.856%, and Mrs. Tran Thuy Nga with 1.836%. Ms. Thuy Phuong is currently the Deputy General Director of Kien A.
The Kien A family, from left to right: daughter Huynh Bich Phuong, wife Tran Thuý Nga, Mr. Huynh Bá Lân, daughter Huynh Thúy Phương, and son Huỳnh Bá Sĩ Hà o.
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Thu Minh
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