International Dairy Products Joint Stock Company (IDP on HoSE) has just announced a resolution by its Board of Directors to approve a loan from the Bank for Investment and Development of Vietnam (BIDV) – Ben Nghe Branch.
The additional credit facility (including loans, guarantees, and letters of credit) amounts to VND 728 billion, bringing the total credit facility to VND 1,678 billion. This funding will be used to pay for legal and legitimate expenses (including loan repayment of self-funded capital, if any) arising from the investment in the International Dairy Products Lof Branch – Lof Binh Duong Milk Factory (formerly known as International Dairy Products – Binh Duong Branch) project.
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The assets securing the repayment obligations for this loan include all assets formed from borrowed capital, owner’s equity, and other sources (if any) associated with the above-mentioned project, encompassing but not limited to land use rights, assets attached to land, machinery, transportation vehicles, and other project-related assets (in cases where mortgage is permitted under the law).
Additionally, the collateral includes property rights and interests attached to or arising from the project, including but not limited to rights arising from construction contracts, machinery procurement contracts, and other project-related agreements; as well as rights to benefits from insurance contracts.
Furthermore, the collateral comprises property rights arising from the use of leased land (with annual payments) and assets attached to the land in Tan Linh, Ba Vi, Hanoi.
In another development, the Board of Directors of International Dairy Products Lof also approved a plan to borrow capital/issue guarantees/issue letters of credit at Shinhan Vietnam Bank.
Specifically, the maximum credit limit is VND 500 billion, with a term of 12 months and annual renewal. The purpose of this loan is to supplement working capital, issue letters of credit, and provide guarantees for the company’s business activities during the 2025-2026 period.
The assets securing the repayment obligations for this loan are specified in the signed contracts and include the company’s/contributing member’s/third party’s deposit contracts, bonds, etc.
Thus, the total amount of bank loans that International Dairy Products Lof intends to secure through these two schemes amounts to VND 1,228 billion.
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