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Van Phu Real Estate Joint Stock Company (Van Phu, Stock Code: VPI) has recently submitted a document to the State Securities Commission, Ho Chi Minh City Stock Exchange, and Hanoi Stock Exchange, disclosing unusual information regarding several resolutions of the company’s Board of Directors.
Specifically, on October 27, 2025, Van Phu’s Board of Directors approved Resolution No. 2710-1/NQ-HĐQT, adopting a plan to issue private bonds with a maximum face value of 135 billion VND.
According to the approved bond issuance plan, Van Phu will use VPI shares owned by Mr. To Nhu Toan, Chairman of the Board, and THG Holdings Investment Joint Stock Company (an affiliate of Van Phu) as collateral for the bonds. The company has also approved transactions with other related parties (if any) concerning the bonds.
As per Van Phu’s 2025 Semi-Annual Corporate Governance Report, THG Holdings is an entity related to Chairman To Nhu Toan. Currently, Mr. Toan serves as the Chairman of the Board at THG Holdings.
As of June 30, 2025, Chairman To Nhu Toan holds 72.6 million VPI shares, equivalent to 22.68% of Van Phu’s capital. THG Holdings owns over 68 million VPI shares, representing 21.27%. Additionally, several individuals related to Mr. To Nhu Toan also hold significant amounts of VPI shares.
In another development, on October 27, 2025, Van Phu’s Board of Directors approved Resolution No. 2710/NQ-HĐQT to adjust the business cooperation contract with Van Phu Bac Ai Joint Stock Company (a subsidiary of Van Phu).
Specifically, Van Phu decided to adjust the additional capital contribution and other terms of the existing business cooperation contract.
According to the 2025 Consolidated Semi-Annual Financial Statements (audited), as of June 30, 2025, Van Phu holds a 60% interest and 60% voting rights in Van Phu Bac Ai.
The same report indicates that Van Phu is recording over 2,281 billion VND in work-in-progress costs for the project to construct the connecting segment from Pham Van Dong Street to the Go Dua Intersection (Ho Chi Minh City). The project is implemented under a Build-Transfer (BT) contract between the Ho Chi Minh City People’s Committee and a consortium of investors. Under this BT contract, the Ho Chi Minh City People’s Committee is responsible for handing over certain land plots to Van Phu Bac Ai to settle the BT contract value.
Van Phu’s audited 2025 Consolidated Semi-Annual Financial Statements reveal that the company and Van Phu Bac Ai are working with competent state agencies to receive the handover of these land plots.
Notably, the work-in-progress costs, recorded at 2,281.2 billion VND, serve as collateral for bank loans, bond debts of Van Phu, and its subsidiaries.
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