According to information from the Hanoi Stock Exchange (HNX), Ho Chi Minh City Service and Trading Joint Stock Company (Setra Corp) has just announced the status of principal and interest payments on bonds. Specifically, as of September 4, this enterprise owed a total of nearly VND 445 billion in interest on 20 bond codes.
Of this amount, the company delayed payment of more than VND 394 billion in bond interest, and the rest was penalty for late payment of interest. According to the explanation of Setra Corp’s leaders, the company has not arranged for payment and handling of assets for principal and interest payment.
These 20 bond codes of Setra Corp, with serial numbers from SET.H2025.01 to SET.H2025.20, have a total value of VND 2,000 billion. These bonds were issued on August 31, 2020, with a term of 5 years and a maturity date of August 31, 2025. The announced interest rate is 11%/ year and is underwritten by Tan Viet Securities (TVSI). This securities company is also related to Ms. Truong My Lan.
Setra Corp was established in October 1999, headquartered at 5 Me Linh Square, Ben Nghe Ward, District 1, Ho Chi Minh City. The company mainly operates in the field of real estate and land use right business. The enterprise’s legal representative is Mr. Tran Van Tuan, after equitization, changed its name to the present and has a charter capital of VND 2,000 billion.
Notably, according to the conclusion of the Investigation Agency of the Ministry of Public Security, Setra Corp is one of the four legal entities that have committed acts of fraud and violated the provisions of the law to create 25 bond codes with a total value of VND 30,081 billion to sell to buyers (bondholders), mobilizing capital and appropriating.
In the second phase of the Van Thinh Phat case, the investigating agency (IA) continued to distrain a series of real estate projects related to Ms. Truong My Lan. Currently, Setra, which was entrusted by Truong My Lan, holds 18% of the capital contribution at Vietcombank – Bonday – Ben Thanh Joint Venture Company (equivalent to more than VND 142 billion). This joint venture is the investor of Vietcombank Tower Saigon, one of the tallest and most prime location buildings in the center of District 1.
In the first half of 2024, Setra Corp made a post-tax loss of VND 114.5 billion, down from a loss of VND 273 billion in the previous year. As of June 30, Setra’s equity reached VND 295 billion.
The debt-to-equity ratio was 11.84 times, so the total debt was nearly VND 4,700 billion, down VND 3,000 billion compared to the beginning of the year. Of which, bond debt is VND 2,700 billion. Thus, Setra Corp’s total assets reached nearly VND 5,000 billion.
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