IN Hospitality JSC Fails to Disclose Information to Hanoi Stock Exchange and Delays Mandatory Disclosures
IN Hospitality JSC failed to send information disclosure content (IDCs) to the Hanoi Stock Exchange and delayed mandatory disclosures for bond issuance.
Specifically, the company did not disclose the implementation of the issuer’s commitments to bondholders for 2022.
The company delayed the disclosure of the following documents: Semi-annual 2022 report on the use of proceeds from bond issuance; Semi-annual 2022 Financial Statements (FS); Semi-annual 2022 Bond Interest and Principal Payment Status; 2022 Report on the Use of Proceeds from Bond Issuance; 2022 FS; 2022 Bond Principal and Interest Payment Status; Late disclosure of the completion of the early repurchase of the PQCH1925001 bond code.
For these violations, the company was fined 92.5 million VND.
According to data from the Hanoi Stock Exchange (HNX), the company has issued two lots of PQC72018 and PQCH1925001 bonds with a total volume of nearly 4,000 bonds, equivalent to a face value of nearly 400 billion VND with an interest rate of 9.5%/year. The PQC72018 bond lot will mature in 2023; while the PQCH1925001 bond lot was fully repurchased before maturity in 2022.
IN Hospitality was established in 2011 with an initial charter capital of 250 billion VND and reached 510 billion VND in 2018. At the time of its establishment, the company was named PQC Hospitality JSC and changed its name to IN Hospitality in 2020. It is known that PQC stands for Phú Quý Corp, or the full name is Phú Quý Service JSC – the predecessor of PQC Hospitality.
The legal representative at the time of establishment was Mr. Bui Trong Binh (born in 1972), who later transferred it to twin brothers Nguyen Huu Phu and Nguyen Huu Quy (born in 1973). In 2022, the legal representative and CEO position was held by Ms. Nguyen Thanh Ha Ngoc (born in 1983) until now.
IN Hospitality mainly operates in the field of restaurant business and catering services for mobile services. The company is famous in the field of conference, banquet and restaurant venues in Ho Chi Minh City such as GEM Center, White Palace Hoang Van Thu, White Palace Pham Van Dong, The Log Restaurant, W Gourmet, Sushi Tei, Dynasty House…
Restaurants in the IN Hospitality ecosystem
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In 2022, IN Hospitality posted a post-tax profit of over 130 billion VND. This result showed strong growth compared to the low base in 2021, which was only about 12 billion VND – the period when Vietnam applied many measures to prevent the COVID-19 epidemic, especially the three-month social distancing period, causing difficulties for many businesses operating in the conference and wedding banquet center industry.
Returning to IN Hospitality’s 2022 results, in addition to the strong profit growth, the debt-to-equity ratio decreased from 68% to 46%, with bond debt/equity ratio significantly reduced from 23% to only 5%.
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