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 slightly more than VND 200 million through non-cash assets.
No Va Thao Dien LLC stated that they have not yet secured the necessary funds and are currently negotiating with investors to settle the remaining debt.
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 address the outstanding debt settlement.
Additionally, No Va Thao Dien LLC submitted a notice to HNX disclosing several irregularities related to the bond issuer. These include partial or full suspension of business operations, revocation of business registration certificates, and changes in bond terms that may impact debt repayment capabilities.
The company also reported amendments to previously disclosed information, changes in bond conditions, and alterations in bondholder representative details. Furthermore, they acknowledged administrative penalties imposed by regulatory authorities for securities market violations and potential legal or criminal proceedings.
No Va Thao Dien LLC also reissued information regarding the mandatory early redemption of NTDCH2227001 bonds, totaling VND 2.3 trillion, as per TVSI Securities’ notice dated March 13, 2023, citing bond violations.
In March-May 2023, the company conducted a bondholder vote on repayment proposals for the NTDCH2227001 series but failed to reach an agreement with bondholders.
Earlier in June, No Va Thao Dien LLC delayed payments of over VND 2.172 trillion in principal and interest for this bond series. In 2024, the company deferred VND 45 billion and has yet to settle 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, though accumulated losses remain at VND 933 billion. As of year-end 2024, equity increased to VND 6.355 trillion, while total liabilities rose 5% year-on-year 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 settled, with the remaining VND 174 billion pending due to insufficient funds.
Unity Real Estate Investment LLC is negotiating with investors to repurchase the entire bond series, targeting completion by November 2025. The UNICH2124001 series, issued on October 14, 2021, totals VND 416 billion and aimed to fund the acquisition of Binh An Tourism Company, thereby gaining control of the Binh Chau – Phuoc Buu luxury 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 Investment LLC 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.
How Deep in Debt is Novaland’s Subsidiary?
August 15th marks the deadline for principal and interest repayment on the NTDCH2227001 bond issuance, totaling over 2 trillion VND. However, Nova Thao Dien has only managed to settle a mere 200 million VND through alternative assets.
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