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. Notably, No Va Thao Dien 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.
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, 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 announced changes in previously disclosed information during the bond offering, impacting its debt repayment capacity. Additionally, there have been alterations to the terms and conditions of the issued bonds and changes in the bondholder representative.
The enterprise reported decisions from competent authorities regarding administrative penalties in the securities and stock market sector, legal violations, or criminal proceedings.
Furthermore, No Va Thao Dien disclosed 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 announced the results of the bondholder vote in March-May 2023 regarding repayment plans 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 postponed 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 real estate and land use rights, whether owned, leased, or rented.
In 2024, No Va Thao Dien achieved 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 owner’s equity increased to VND 6,355 billion, while total liabilities reached VND 12,773 billion, 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 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 occur 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-tourism and resort project (Binh Chau Commune, Xuyen Moc District, Ba Ria – Vung Tau Province) developed by Binh An Tourism LLC.
Established in September 2016, Unity Real Estate Investment LLC, formerly known as Nova Hospitality JSC, started with an initial charter capital of VND 50 million. As of June 30, the company is a subsidiary of Novaland Group, with Novaland holding 99.98% of its capital. 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.
