Galaxy EE Repays Bond
According to the Hanoi Stock Exchange (HNX), Galaxy Entertainment and Education JSC (Galaxy EE) recently announced information regarding the repayment of principal and interest on bonds.
On June 18, 2025, Galaxy EE paid nearly VND 1.5 billion in interest and VND 25 billion in principal for the GMECH2123002 bond, thus fully repaying this bond lot.
Source: HNX
This was one of the eight bond lots issued by Galaxy EE in 2021, with a total issuance value of VND 200 billion.
The common feature of these eight bond lots is that they all have a four-year term, maturing in 2025. The bondholder is a securities investment fund.
In 2024, the company paid approximately VND 24 billion for a total of 16 interest periods for the above-mentioned eight bond lots.
According to the company’s disclosure of basic financial indicators for 2024, as of December 31, 2024, the company’s equity was nearly VND 454 billion, almost ten times higher than the previous year. The company incurred a net loss of over VND 126 billion in 2024; however, this was a significant improvement compared to 2023.
Prolonged losses caused Galaxy EE’s accumulated loss as of December 31, 2024, to exceed VND 1,327 billion.
Total liabilities were VND 1,230 billion, a decrease of nearly VND 63 billion compared to the previous year. Bank loans increased from VND 156 billion to over VND 217 billion, while other payables decreased by about VND 160 billion to VND 622 billion. Bond issuance debt remained at VND 200 billion.
Close Relationship with TVS
Regarding Galaxy EE, the company was established on May 17, 2013, initially under the name Galaxy Media and Entertainment JSC.
The company’s main business activity is the production of motion pictures, video films, and television programs. Galaxy operates as a conglomerate with a diverse ecosystem in various fields such as Film Production and Distribution (Galaxy Studio), Online Movie Viewing Platform (Galaxy Play), Online Education Platform (Galaxy Education), Online Publishing and Media (Galaxy Media).
Galaxy Studio is the largest film producer and distributor in Vietnam, with numerous renowned films. It also owns the Galaxy Cinema theater chain nationwide.
In August 2021, the company changed its name to Galaxy Entertainment and Education JSC as it is known today.
According to the registration of changes in January 2025, the company’s chartered capital was over VND 1,512 billion, of which 70.012% was domestic private capital and 29.988% was foreign capital, including: VI (Vietnam Investments) Fund I, L.P. (26.871%); Susanna Kim Bracke (1.229%); Harini Gopalakris Hnan (0.013%); Andrew David Huntley (0.097%); Jonathan Charles Eames (1.778%).
The current legal representative is Mr. Luong Cong Hieu (1979) – General Director.
Returning to the bond lots of Galaxy EE, the arranger for the bond offering was Thiên Việt Securities JSC (TVS).
Notably, Thiên Việt Securities and Galaxy EE are both companies related to Ms. Dinh Thi Hoa, a member of the Board of Directors of Asia Commercial Joint Stock Bank (ACB).
Ms. Hoa used to be a member of the Board of Directors of TVS for the term 2019 – 23/4/2024. TVS’s 2024 governance report shows that Ms. Hoa held 13.2% of the company’s capital (according to data at VSDC on June 25, 2024).
Recently, on March 13, 2025, Ms. Hoa purchased additional TVS shares, increasing her ownership to over 26.3 million shares, equivalent to a ratio of 15.77%.
At Galaxy EE, Ms. Dinh Thi Hoa used to hold the position of Chairman of the Board of Directors.
According to ACB’s website, Ms. Dinh Thi Hoa has been a member of the Supervisory Board of the bank from 1998 to 2007 and a member of the Board of Directors of ACB since 2013.
Ms. Hoa has held/holds senior leadership positions in many organizations such as Thien Ngan Film Joint Stock Company, Galaxy Play Joint Stock Company, and Refrigeration Electrical Engineering Joint Stock Company (REE). She also served as a Specialist and Coordinator for the Ministry of Foreign Affairs and a Specialist for the World Food Program.
Regarding the relationship between Galaxy EE and Thiên Việt Securities, according to the reporter’s investigation, in December 2022, Galaxy EE pledged 553,135 common shares of Galaxy Education Joint Stock Company, 289,652 common shares of Galaxy Play Joint Stock Company, and 107,149 common shares of Thien Ngan Film Joint Stock Company with Finsight as the secured party.
Finsight is known to be a subsidiary of Thiên Việt Securities. Ms. Nguyen Thanh Thao, General Director of TVS, is currently the Chairman of the Board of Directors of Finsight.
In addition to the above security transaction, in January 2024, Galaxy EE pledged nearly 3.6 million shares at Thien Ngan Film Joint Stock Company at ACB – Hoa Hung Branch.
BKAV Delayed Interest Payment on BKPCB2124001 Bonds, Amounting to Over VND 172 Billion
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On May 26, 2025, a payment of VND 163.3 billion in principal and over VND 8.9 billion in interest was due for the bond code BKPCB2124001. However, BKAV failed to make the payment on time and is currently in negotiations with bondholders regarding the settlement of principal and interest for this bond issue.
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