According to the disclosure on the Hanoi Stock Exchange (HNX), this is the first bond issue by Xuan Mai – Hanoi, guaranteed and paid for. The related organizations in this bond issue include Joint Stock Company Securities Mirae Asset (Vietnam), GuarantCo Ltd., and Vietnam Industrial and Commercial Bank (VietinBank, HOSE: CTG).
About Xuan Mai – Hanoi
Xuan Mai – Hanoi was established in early 2022 in Hanoi, with its main business being the exploitation, treatment, and distribution of water for industrial and domestic needs. The initial chartered capital was 50 billion VND, and Mr. Dang Huu Tuan was the General Director and legal representative. In early August 2024, the company raised its capital to 299.8 billion VND and authorized three individuals: Do Thi Kieu Trang with 5%, Do Hoang Long with 35%, and Pham Manh Hung with 60%. By the end of August of the same year, the company increased its capital to 302.8 billion VND, with the same three authorized individuals.
Mr. Long is currently a member of the Board of Directors and General Director of Phu Yen Water Supply and Drainage Joint Stock Company (UPCoM: PWS) since April 2020, a representative of Aqua One Water Joint Stock Company’s capital in PWS, Deputy General Director of Aqua One Water Joint Stock Company of Hau Giang, and General Director and legal representative of Duong River Surface Water Joint Stock Company.
Ms. Trang is a member of the Supervisory Board of PWS since February 2021, nominated by Aqua One Water Joint Stock Company (a shareholder), a member of the Supervisory Board of Aqua One Water Long An Joint Stock Company, and a member of the Board of Directors of Duong River Surface Water Joint Stock Company.
In addition to Xuan Mai – Hanoi, on November 19, 2024, Hoa Binh – Xuan Mai Clean Water Company also issued long-term bonds with a term of 20 years and an interest rate of 5.75%/year, maturing in 2044. The issuance value was 875.1 billion VND. The bonds were 100% guaranteed by GuarantCo. The Vietnam Securities Depository and Clearing Corporation is the registering and depository organization.
Hoa Binh – Xuan Mai was established in 2018 with a chartered capital of 530 billion VND. The enterprise owner is Aqua One Water Joint Stock Company, and Ms. Do Thi Kim Lien (Shark Lien, founder, Chairwoman of the Board of Directors, and legal representative of Aqua One Water) was the Director and legal representative when it was first established. Currently, the enterprise is directed by Mr. Pham Manh Hung, who is the General Director and legal representative. Mr. Hung is a familiar face at Aqua One Water, having been in charge of technical responsibilities for the Duong River Water Plant project since 2016.
Hoa Binh – Xuan Mai is the investor of the Xuan Mai Water Treatment Plant in Mong Hoa, Hoa Binh city, Hoa Binh province, with an area of 45ha. The total investment capital for the plant and water supply system is about 3,040 billion VND, and the transmission water pipeline is 1,255 billion VND. The water supply project has a regional scale with a capacity of 300,000 m3/day in phase 1 (until 2030) and an orientation of about 500,000 m3/day by 2050.
In 2024, the company incurred a post-tax loss of 2.3 billion VND, compared to a profit of less than 1.8 billion VND in the previous year. The accumulated loss as of the end of 2024 was over 5.2 billion VND.
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Some financial indicators of Hoa Binh – Xuan Mai in 2024
Source: HNX
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– 13:48 18/04/2025
A Shark Lien-Backed Water Company Raises Over $38 Million in 20-Year Bonds
Peace Clean Water Company – Xuan Mai has successfully raised over VND 875 billion through a bond offering, with a fixed interest rate of 5.75% per annum for 20 years. The offering was underwritten by a reputable organization based in an African tax haven, providing assurance to investors.
