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 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 settlement 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 still in the process of securing funds and negotiating with investors to settle the outstanding debt.
Notably, 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 disclosed a decision by a competent authority regarding administrative penalties in the securities and stock market sector, or legal violations subject to penalties or criminal prosecution.
Furthermore, No Va Thao Dien announced the mandatory early repurchase of the NTDCH2227001 bond series, totaling VND 2.3 trillion, as per the March 13, 2023 notice from TVSI Securities regarding violations related to 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.
In early 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, No Va Thao Dien reported a net profit of over VND 14 billion, but its accumulated losses still exceed VND 933 billion. As of year-end 2024, the company’s equity increased to VND 6.355 trillion, while total liabilities rose by 5% year-on-year to VND 12.773 trillion.
Aside 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 stated that it is 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 ownership of the Binh Chau – Phuoc Buu luxury eco-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 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 company’s Chairman and legal representative.
