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 on the remaining debt repayment plan.
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 regarding the repayment plan for the remaining debt.
Significantly, No Va Thao Dien LLC has submitted a document to HNX disclosing several unusual events related to the bond issuer. These include partial or full suspension of business operations, suspension of activities, or revocation of the enterprise registration certificate (or business registration certificate, equivalent license) due to reorganization or conversion decisions.
The company also reported changes in previously disclosed information during the bond offering, which may impact its ability to repay principal and interest. Additionally, there have been alterations to the terms and conditions of the issued bonds and changes in the bondholder representative.
The enterprise further disclosed decisions by competent authorities regarding administrative penalties in the securities and stock market sector, legal violations, or criminal proceedings.
Moreover, 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 violations associated with this bond series.
In March-May 2023, No Va Thao Dien conducted a poll among NTDCH2227001 bondholders regarding repayment options for principal and interest. However, the company failed to reach an agreement with the bondholders.
Earlier in June, No Va Thao Dien delayed the repayment of over VND 2.172 trillion in principal and interest for this bond series. In 2024, the company also deferred VND 45 billion and has yet to repay nearly VND 2.183 trillion in principal and interest for the aforementioned bonds.
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, although its accumulated losses still exceed VND 933 billion. By the end of 2024, No Va Thao Dien’s equity had risen to VND 6.355 trillion, while its total liabilities reached VND 12.773 trillion, a 5% increase year-over-year.
Apart from No Va Thao Dien, Unity Real Estate Investment LLC is scheduled to repay nearly VND 208 billion in principal for the UNICH2124001 bond series on October 14. However, the company has only repaid over VND 34 billion, leaving nearly VND 174 billion outstanding due to insufficient funds.
Unity Real Estate Investment stated that they are negotiating with investors to repurchase the entire bond series, with plans to complete the transaction in November 2025. The UNICH2124001 bond series, totaling VND 416 billion, was issued on October 14, 2021.
The purpose of this bond issuance was to increase operational capital and subsequently acquire equity in Binh An Tourism Company, thereby gaining control of the Binh Chau – Phuoc Buu eco-tourism and luxury resort project (Binh Chau Commune, Xuyen Moc District, Ba Ria – Vung Tau Province), developed by Binh An Tourism LLC.
Founded in September 2016 as Nova Hospitality JSC with an initial charter capital of VND 50 million, Unity Real Estate Investment is now 99.98% owned by Novaland Group as of June 30. Mr. Bui Dat Chuong, brother of Novaland Chairman Bui Thanh Nhon, serves as the Chairman of the Members’ Council and legal representative of the company.
