The Hanoi Stock Exchange (HNX) has released details regarding the bond repayment status of No Va Thao Dien LLC, a subsidiary 99.99% owned by Novaland Group (stock code: NVL).
According to the schedule, August 15 was the deadline for principal and interest repayment on the NTDCH2227001 bond series, totaling over VND 2 trillion. However, No Va Thao Dien has only managed to repay slightly more than VND 200 million through non-cash assets.
No Va Thao Dien LLC stated that they have not yet secured the necessary funds and are currently negotiating with investors to settle the remaining debt.
The NTDCH2227001 bond series, valued at VND 2.3 trillion and issued on September 5, 2022, has a 5-year term with semi-annual interest payments. Notably, the company failed to meet its interest payment obligation in March 2023.
No Va Thao Dien LLC is in negotiations with investors to address the outstanding debt balance.
Significantly, No Va Thao Dien LLC submitted a notice to HNX disclosing several irregularities related to the bond issuer. These include partial or full suspension of business operations, revocation of business registration certificates, and reorganization or conversion decisions.
The company also reported changes in previously disclosed information that may impact debt repayment capabilities, alterations to bond terms, and changes in bondholder representatives.
Additionally, the company disclosed administrative penalties imposed by securities market authorities, legal violations, and criminal proceedings.
Furthermore, No Va Thao Dien announced the mandatory early repurchase of the NTDCH2227001 bond series, valued at VND 2.3 trillion, as per the March 13, 2023 notice from TVSI Securities regarding bond violations.
In March-May 2023, No Va Thao Dien conducted a bondholder vote on repayment options for the NTDCH2227001 series but failed to reach an agreement with bondholders.
In early June, the company missed a VND 2.172 trillion principal and interest payment. In 2024, No Va Thao Dien deferred VND 45 billion and has yet to repay nearly VND 2.183 trillion in principal and interest on the same bond series.
Established in 2008, No Va Thao Dien LLC primarily operates in real estate and land use rights, whether owned, leased, or rented.
In 2024, the company reported a net profit of over VND 14 billion, though accumulated losses remain at VND 933 billion. As of year-end 2024, equity increased to VND 6.355 trillion, while total liabilities rose 5% year-over-year to VND 12.773 trillion.
Separately, Unity Real Estate Investment LLC was scheduled to repay VND 208 billion in principal on the UNICH2124001 bond series by October 14. However, only VND 34 billion has been repaid, with the remaining VND 174 billion outstanding due to insufficient funds.
Unity Real Estate stated that negotiations are underway with investors to repurchase the entire bond series, expected to conclude in November 2025. The UNICH2124001 series, issued on October 14, 2021, totals VND 416 billion.
The bond proceeds were intended to increase operational capital for acquiring a stake in Binh An Tourism Company, thereby gaining control of the Binh Chau – Phuoc Buu luxury eco-resort project in Xuyen Moc district, Ba Ria – Vung Tau province.
Founded in September 2016 as Nova Hospitality JSC with an initial charter capital of VND 50 million, Unity Real Estate is now 99.98% owned by Novaland Group. Mr. Bui Dat Chuong, brother of Novaland Chairman Bui Thanh Nhon, serves as Chairman and legal representative.
