LDG Investment JSC (coded LDG-HOSE) has just reported on bond principal and interest payments from January 1, 2024, to June 30, 2024.
According to the report, the company did not have any additional principal or interest payments during this period as the LDGH2123002 bond matured on December 10, 2023.
However, LDG stated that for the outstanding debts, the company had disclosed this information in the periodic report on principal and interest payments in 2023 and in the report dated March 20, 2024. Furthermore, the company is working with bondholders to prepare for the repayment of overdue debts in the future.
The LDGH2123002 bond had a total issued value of VND 400 billion, with a face value of VND 100 million each and 4,000 bonds issued. The bond term was 24 months and matured on December 10, 2023.
The purpose of the bond issuance was to increase the company’s operating capital, with an interest rate of 11.5% per annum from the issuance date to, and excluding, the 12-month anniversary of the issuance date, and 12% per annum from the 12-month anniversary of the issuance date to, but excluding, the maturity date. Interest payments were due monthly.
On December 12, 2022, the Group repurchased 336 bonds, equivalent to a value of VND 33.6 billion.
As a result, LDG’s outstanding bond principal and interest remain unchanged from the end of 2023 and the report on principal and interest payments for the LDGH2123002 bond code issued previously. LDG Investment has not made interest payments for 11/12 periods, with outstanding interest amounting to nearly VND 26 billion. Additionally, the entire outstanding principal of VND 186.4 billion that LDG owes to bondholders, which was due on December 10, 2023, also remains unpaid.
Recently, the High People’s Court of Ho Chi Minh City decided to accept LDG’s request to review the decision to initiate bankruptcy proceedings made by the People’s Court of Dong Nai province regarding LDG’s debt to Phuc Thuan Phat Trading and Construction JSC.
The decision accepted LDG’s request and annulled the decision dated July 22, 2024, of the Dong Nai Court on initiating bankruptcy proceedings against the company.
This decision took effect from the date of issuance.
For the second quarter of 2024, LDG reported a loss of VND 171 billion, compared to a loss of over VND 74 billion in the same period last year. The accumulated loss was VND 296 billion, compared to a loss of over VND 144 billion in the previous year. As a result, retained earnings turned from a profit of VND 121 billion to a loss of VND 175 billion.
Notably, as of the end of the second quarter of 2024, LDG’s cash and cash equivalents stood at only VND 13.1 billion, while long-term financial debts amounted to VND 1,260 billion, mainly comprising long-term loans due for payment.
Specifically, LDG Investment had VND 400 billion in long-term loans due to Sacombank, VND 366.4 billion in LDGH2123002 bonds, VND 200 billion in short-term loans from Vietnam Prosperity Joint-Stock Commercial Bank, and VND 80 billion from Sacombank, among others.
Currently, this stock is on HOSE’s margin cut list due to negative retained earnings of over VND 527 billion, as per the audited consolidated financial statements for 2023.
When should you send a non-term savings account?
Long-term savings is a suitable option for many customers. It offers the opportunity to save without a fixed term commitment.
