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 2,000 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 on 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. In March 2023, No Va Thao Dien failed to meet its interest payment commitment.
No Va Thao Dien LLC has not yet secured the necessary funds and is negotiating with investors on the remaining debt repayment plan.
Additionally, No Va Thao Dien announced the mandatory early redemption of the NTDCH2227001 bond series, totaling VND 2,300 billion, as per the notice dated March 13, 2023, from TVSI Securities regarding the bond’s violation.
No Va Thao Dien disclosed the results of the bondholder vote on repayment options for the principal and interest of the NTDCH2227001 bond series in March-May 2023. The company 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 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, used, or leased.
In 2024, No Va Thao Dien reported 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 equity increased to VND 6,355 billion, while its 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 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 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 this bond issuance was to increase operating capital and subsequently acquire equity in Binh An Tourism Company, thereby gaining ownership of the Binh Chau – Phuoc Buu luxury eco-resort project (Binh Chau Commune, Xuyen Moc District, Ba Ria – Vung Tau Province) developed by Binh An Tourism LLC.
Founded 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 owning 99.98% of its capital. Mr. Bui Dat Chuong, brother of Novaland’s Chairman Bui Thanh Nhon, serves as the Chairman of the Members’ Council and legal representative of the company.
How Indebted is Novaland’s Subsidiary?
August 15th marks the deadline for principal and interest payments on the NTDCH2227001 bond series, totaling over 2 trillion VND. However, No Va Thảo Điền has only managed to settle a mere 200 million VND through alternative assets.
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