GreenHill Village Project Perspective
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On November 29, 2024, the Ho Chi Minh City Center for Auction Services issued a Property Auction Minutes regarding MST‘s successful bid for the asset, which is the entire value of the debt owed by Greenhill Village JSC to Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank, HOSE: CTG) – Thu Thiem Branch. Accordingly, MST was the winning bidder with a total auction price of VND 410 billion, equal to the starting price of the asset.
It is known that the auctioned debt includes the entire value of the debt (principal, interest, and penalty interest unpaid) of GreenHill Village at VietinBank Thu Thiem, temporarily calculated up to May 14, 2024, amounting to VND 495 billion. This includes nearly VND 393 billion in principal, nearly VND 85 billion in accrued interest, and VND 16.5 billion in overdue penalty interest. The secured assets are all benefits derived from the exploitation of the value of land-use rights belonging to the Greenhill Village tourism project, as well as the rights, interests, and payments that Greenhill Village JSC receives after the mortgage contract takes effect related to land-use rights and assets attached to the land.
Earlier in November, the Board of Directors of MST approved the signing of an EPC general contracting contract for the supply of equipment and construction costs for the Greenhill Village Quy Nhon tourism project. The contracting parties are Greenhill Village JSC as the employer and MST as the contractor. The contract value is over VND 2,014 billion (excluding VAT 10%). The construction period is 5 years.
In addition to its role as an EPC general contractor, MST is also a major shareholder and developer of this resort project. As of the end of September, MST owned 18% of the project’s capital, equivalent to an original value of over VND 198 billion. Moreover, Greenhill Village’s CEO, Nguyen Dang Go Ganh, is currently the Deputy General Director of Investment at Vina2 Investment and Construction JSC (HNX: VC2). MST also owns 36.16% of VC2‘s capital, equivalent to an original investment value of nearly VND 334 billion as of the end of September 2024. At the same time, MST has short-term payables to VC2 of nearly VND 160 billion.
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