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 15th was the deadline for principal and interest payment on the NTDCH2227001 bond series, totaling over VND 2,000 billion. 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 regarding the remaining debt repayment plan.
The NTDCH2227001 bond series, valued at VND 2,300 billion 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 negotiating with investors regarding the remaining debt repayment plan.
Furthermore, No Va Thao Dien LLC submitted a document to HNX disclosing several unusual events related to the bond issuer. These include the partial or complete 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 disclosed information compared to the bond offering prospectus, impacting its debt repayment capacity. These changes involve modifications to the terms and conditions of the issued bonds and changes in the bondholder representative.
Additionally, the company reported administrative penalties imposed by competent authorities for violations in the securities and stock market sector, as well as legal or criminal proceedings.
No Va Thao Dien also disclosed information regarding the mandatory early redemption of the NTDCH2227001 bond series, totaling VND 2,300 billion in face value, as per the March 13, 2023 notice from TVSI Securities regarding violations related to this bond series.
The company announced the results of the bondholder vote conducted in March-May 2023 regarding repayment plans for the NTDCH2227001 bond series. No Va Thao Dien failed to reach an agreement with the bondholders.
In early June, No Va Thao Dien also delayed the payment of over VND 2,172 billion in principal and interest for this bond series. In 2024, the company deferred payment of over VND 45 billion and has yet to pay nearly VND 2,183 billion in principal and interest for the aforementioned bond series.
Established in 2008, No Va Thao Dien LLC primarily operates in the real estate business, dealing with land use rights owned, leased, or rented.
In 2024, No Va Thao Dien reported a net profit of over VND 14 billion, although 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 compared to the same period last year.
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 14th. However, the company has only paid over VND 34 billion, leaving nearly 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 issuing this bond series was to increase operating capital and subsequently acquire equity in Binh An Tourism Company, thereby gaining ownership of the Binh Chau – Phuoc Buu 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 30th, the company is a subsidiary of Novaland Group, with Novaland holding 99.98% of its capital. Currently, Mr. Bui Dat Chuong, the brother of Mr. Bui Thanh Nhon – Chairman of Novaland’s Board of Directors, serves as the Chairman of the Members’ Council and legal representative of the company.
