Software company Bkav Pro recently announced an update regarding the repayment of its bond principal and interest.
On May 26, the due date for interest and principal payments totaling VND 8.9 billion and VND 163.2 billion, respectively, for the bond code BKPCB2124001. However, the company has not yet made the payments and is currently in negotiations with bondholders.
The BKPCB2124001 bond was issued in May 2021 with a value of VND 170 billion and a three-year term. The initial interest rate was set at 10.5%/year.
Bkav CEO, Mr. Nguyen Tu Quang
In May 2024, Bkav received approval from bondholders to extend the bond maturity by one year, with the new maturity date set as May 26, 2025. The interest rate for the one-year extension period was agreed upon at 11%/year.
Additionally, the issuing company amended the terms to include collateral for the bond, comprising over 6.1 million Bkav Pro shares owned by the parent company, Joint-Stock Company Bkav, and all capital contributions made by Chairman Nguyen Tu Quang in the Digital Transformation Platform of Vietnam Joint Stock Company (DXP).
In July 2024, the company repurchased a portion of the bonds worth VND 6.73 billion, resulting in a remaining circulation value of VND 163.2 billion to date.
Notably, Bkav Pro’s bond repayment deferral comes amidst improved business performance. The company reported a post-tax profit of VND 40.8 billion in 2024, a 2.4-fold increase compared to 2023.
As of the end of 2024, the company’s owner’s equity stood at VND 261.4 billion, an 18.5% increase year-over-year. Total liabilities at the same time also increased by 10.3% compared to the beginning of the year, including other payables of VND 162.2 billion, bank loans of over VND 21 billion, and bond debt.
Bkav Pro was established in March 2018 with an initial charter capital of VND 50 billion. The founding shareholders included Joint-Stock Company Bkav, holding 96%, Mr. Vu Ngoc Son (CEO) with 2%, and Ms. Lai Thu Hang with 2%.
In August 2018, the company increased its charter capital to VND 100 billion, with no change in the founding shareholder structure. In October 2018, the parent company, Joint-Stock Company Bkav, reduced its ownership to 83.963%, while the two individuals maintained their 2% stakes.
Since July 2022, Mr. Nguyen Tu Quang has been serving as the company’s CEO and legal representative.
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