The Hanoi Stock Exchange (HNX) has announced updates 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. Notably, the company failed to meet its interest payment obligation in March 2023.
No Va Thao Dien LLC is in negotiations with investors to settle the outstanding debt.
Notably, No Va Thao Dien LLC has submitted a document to HNX disclosing unusual information related to the bond issuer. The company faces partial or full suspension of business operations, revocation of business registration certificates, or reorganization/conversion decisions.
The company also reported changes in previously disclosed information that may impact its debt repayment capability, alterations to bond terms, and changes in bondholder representatives.
Additionally, the company disclosed administrative penalties in the securities and stock market sector, legal violations, or 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 TVSI Securities’ notice dated March 13, 2023.
In March-May 2023, No Va Thao Dien conducted a bondholder vote on repayment options but failed to reach an agreement with bondholders.
In early June, the company delayed payments of over VND 2.172 trillion in principal and interest. In 2024, they deferred VND 45 billion and have yet to pay nearly VND 2.183 trillion in principal and interest.
Established in 2008, No Va Thao Dien LLC operates in real estate and land use rights. In 2024, it reported a net profit of over VND 14 billion, but accumulated losses remain at VND 933 billion. As of year-end 2024, equity increased to VND 6.355 trillion, while total liabilities rose 5% to VND 12.773 trillion.
Separately, Unity Real Estate Investment LLC was scheduled to repay VND 208 billion in principal for the UNICH2124001 bond series on October 14. However, only VND 34 billion has been paid, with the remaining VND 174 billion pending due to insufficient funds.
Unity Real Estate is negotiating with investors to repurchase the entire bond series, expected in November 2025. The UNICH2124001 series, issued on October 14, 2021, totals VND 416 billion.
The bond proceeds aimed to increase capital for acquiring a stake in Binh An Tourism Company, thereby gaining control of the Binh Chau – Phuoc Buu eco-resort project in Ba Ria – Vung Tau.
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.
