The Hanoi Stock Exchange (HNX) has released information 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 payment on the NTDCH2227001 bond series, totaling over VND 2 trillion. However, No Va Thao Dien has only managed to pay more than VND 200 million in 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. In March 2023, No Va Thao Dien failed to meet its interest payment commitment.
No Va Thao Dien LLC is in negotiations with investors to settle the remaining debt.
Notably, No Va Thao Dien LLC has submitted a document to HNX disclosing unusual information related to the bond issuer. This includes the partial or full suspension of business operations, the suspension of activities, or the revocation of the business registration certificate (or equivalent licenses) due to reorganization or conversion decisions.
The company also reported changes in the information disclosed during the bond offering, impacting 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 company informed about a decision by the competent authority regarding administrative penalties in the securities and stock market sector, or legal violations leading to criminal proceedings.
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 of this bond series.
No Va Thao Dien disclosed the results of the bondholder vote in March-May 2023 regarding repayment options for the bond’s principal and interest. The company failed to reach an agreement with the bondholders of the NTDCH2227001 series.
In early June, No Va Thao Dien delayed the payment 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 pay nearly VND 2.183 trillion in principal and interest for the aforementioned bonds.
Established in 2008, No Va Thao Dien LLC primarily operates in the real estate sector, dealing with land use rights owned, used, or leased.
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 the end of 2024, the company’s equity increased to VND 6,355 billion, while total liabilities rose by 5% year-on-year to VND 12,773 billion.
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 paid over VND 34 billion, leaving approximately VND 174 billion unpaid due to insufficient funds.
Unity Real Estate stated that they are negotiating with investors to repurchase the entire bond series, with the transaction expected to be completed 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 Chairman and legal representative of the company.
