Smart Dragon Investment JSC has recently released a statement to the Hanoi Stock Exchange (HNX), disclosing its bond principal and interest payment status.
According to the report, January 22, 2024, was the due date for Smart Dragon to repay VND 1,900 billion in principal on its SMDB2124001 bonds. However, the company only completed the full repayment of this bond issue on July 29, 2025, which is 1.5 years behind schedule.
Source: HNX
On January 20, 2021, Smart Dragon issued the SMDB2124001 bonds with a total value of VND 1,900 billion.
These bonds were secured by Smart Dragon’s assets arising from the assignment agreements of a portion of the assets belonging to the project “The Spirit of Saigon,” developed by Saigon Glory Limited Company.
Additionally, assets related to a portion of the “The Spirit of Saigon” project were also used as collateral for Smart Dragon’s bond issue.
“The Spirit of Saigon” is constructed on an area of over 8,500 square meters and comprises two towers of 55 and 48 stories, a 7-story podium, and a basement connected to the Ben Thanh – Suoi Tien metro station.
The project is located in one of the most prime locations in the center of Saigon, with four facades on Le Thi Hong Gam, Calmette, Pham Ngu Lao, and Pho Duc Chinh streets.
Regarding Saigon Glory, the original investor of “The Spirit of Saigon,” it was initially a wholly-owned subsidiary of the Bitexco Group, founded by businessmen Vu Quang Hoi and Vu Quang Bao.
On September 20, 2024, the representative of Saigon Glory’s bondholders agreed to allow Bitexco Group to transfer the collateral assets, which are its capital contribution in Saigon Glory, to Hanoi Oriental Real Estate Company Limited (Hanoi Oriental Real Estate).
This transfer does not alter the obligations of Saigon Glory Limited Company towards the bondholders and the resolutions previously approved by the bondholders.
Following the transfer, Bitexco will continue to fulfill its obligations to pay the principal and interest of 10 Saigon Glory bond packages from September 1, 2024, to June 12, 2025, including the interest payment due on June 18, 2025, as per the bondholders’ resolution dated February 5, 2024.
Hanoi Oriental Real Estate will assume the responsibility for paying the principal due on June 18, 2025, and the subsequent principal and interest payments for the 10 bond packages in accordance with the schedule outlined in the resolution of February 5, 2024.
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