The Hanoi Stock Exchange (HNX) has released information regarding the bond payment 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 still negotiating 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. The company faces partial or full suspension of business activities, revocation of business registration certificates, or reorganization/conversion decisions.
The company also reported changes in previously disclosed information that may affect its ability to repay bond principal and interest, as well as alterations to bond terms and conditions 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 redemption 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 poll among NTDCH2227001 bondholders regarding repayment options but failed to reach an agreement.
In early June, the company delayed payments of over VND 2.172 trillion in principal and interest for this bond series. In 2024, No Va Thao Dien deferred VND 45 billion and has yet to pay nearly VND 2.183 trillion in principal and interest.
Established in 2008, No Va Thao Dien LLC primarily operates in real estate and land use rights.
In 2024, the company reported a net profit of over VND 14 billion, but accumulated losses still exceed VND 933 billion. As of year-end 2024, equity reached VND 6.355 trillion, while total liabilities increased by 5% to VND 12.773 trillion.
Apart from No Va Thao Dien, Unity Real Estate Investment LLC is scheduled to pay 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 Investment stated that they are negotiating with investors to repurchase the entire bond series, expected to be completed in November 2025. The UNICH2124001 bond series, issued on October 14, 2021, has a total value of VND 416 billion.
The purpose of this bond issuance was to increase operational capital and acquire shares 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 Investment is now 99.98% owned by Novaland Group. Mr. Bui Dat Chuong, brother of Novaland Chairman Bui Thanh Nhon, serves as the company’s Chairman and legal representative.
