Vietnam Security Software Joint Stock Company (Bkav Pro) has just announced irregular information regarding the repayment of principal and interest on bonds with the code BKPCB2124001.
Accordingly, the due date for repayment of nearly VND 163.3 billion in principal and over VND 8.9 billion in interest on the BKPCB2124001 bond lot was May 26th. However, Bkav delayed the payment and stated that they are negotiating with bondholders regarding the repayment of principal and interest on this bond.
The BKPCB2124001 bond was issued in May 2021 with a value of VND 170 billion, a term of 3 years from May 26, 2021, to May 26, 2024, with an interest rate of 10.5%.
In May 2021, the company raised VND 170 billion in bonds with a fixed interest rate of 10.5% per annum for the first year and a reference interest rate plus 4.5% per annum for the next two years. This type of bond is non-convertible and does not come with warrants.
The issuance was secured by 5.443 million shares owned by Bkav Joint Stock Company (valued at VND 969.5 billion) and 4.9 million shares owned by Mr. Nguyen Tu Quang.
The purpose of the issuance was to increase the scale of operating capital to serve investment, production, and business activities and other purposes in accordance with the law.
VNDirect Securities Joint Stock Company acted as the consulting firm for the offering document and the bondholders’ representative.
However, in May 2024, in a notice sent to the Hanoi Stock Exchange (HNX), Bkav announced that the term of the bond would be extended to 4 years from the issuance date. The bond interest rate from month 37 to maturity is 11%.
The collateral is 6.1 million BKAV Pro shares owned by the parent company of Bkav Joint Stock Company and all capital contributions of Mr. Nguyen Tu Quang, Chairman of the Board of Directors and General Director of BKAV Pro, at Vietnam Digital Transformation Foundation Company (DXP Company).
In addition, the bondholders’ representative has the right to request Bkav Pro, Bkav Joint Stock Company, and DXP Company to report on the collection, disbursement, and accumulation of cash flow to ensure a minimum of VND 1.5 billion per month into the securities account of Bkav Pro opened at VNDIRECT Securities Joint Stock Company (HOSE: VND)
In terms of financial results, Bkav sent financial statements to HNX, showing that owners’ equity reached VND 261.4 billion, an increase of nearly VND 41 billion compared to the end of 2024; total liabilities as of December 31, 2024, were VND 349,467 billion – including VND 21,46 billion in bank loan interest; VND 165,81 billion in bond issuance debt; and other debts of VND 162.2 billion, an increase of nearly VND 33 billion compared to the beginning of the year. Post-tax profit reached over VND 40.87 billion, compared to a profit of VND 16.54 billion in the same period last year.
According to data on HNX, VND has reported Bkav’s violations from the December 2024 to March 2025 periods. If Bkav fails to remedy the situation within the specified time frame, these violations will constitute a bond event. In addition, on March 24, 2025, VND sent a notice to report this violation.
In reality, by March 31, 2025, Bkav had only accumulated VND 1.5 billion for the year 2024 and had not yet remedied the violation for the period from January to March 2025 as stipulated.
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