Borrowing from the Ecosystem
Loc Troi Group Joint Stock Company (stock code: LTG) has recently approved two loan agreements totaling VND 250 billion. These include a VND 200 billion loan from Loc Troi Agriproducts Joint Stock Company—a subsidiary in which LTG holds 99.98% of the charter capital—and a VND 50 billion loan from Loc Troi Seed Joint Stock Company, an affiliated entity chaired by Mr. Huynh Van Thon, who also serves as the Chairman of LTG’s Board of Directors. Both loans have a one-year term with an annual interest rate of 5.5% and are intended to support the group’s production and business operations.
Loc Troi Group secures internal loans totaling VND 250 billion.
Previously, in late August, Loc Troi Group approved a property lease agreement with Loc Troi Seed Joint Stock Company. This agreement covers land use rights and associated assets in Long Xuyen (An Giang) and Hanoi, with a total lease term of 30 years and a value of VND 100 billion. On September 29, LTG extended the lease term to a maximum of 34 years and increased the total lease value to no more than VND 112 billion, citing practical considerations.
Also in late August, Loc Troi Group approved a processing contract with its subsidiary, Loc Troi Agricultural Materials Joint Stock Company (in which LTG holds 75% of the capital). The contract includes bottling, packaging, and producing plant protection products and fertilizers. It is set to run until the end of 2035, with an estimated total value of VND 200 billion.
Currently, Loc Troi Group has not released its financial reports for Q2, Q3, and Q4 of 2024, the audited financial statements for 2024, or the financial reports for Q1 and Q2 of 2025. Due to violations of information disclosure obligations, LTG’s shares have been placed under trading restrictions since October 24, 2024.
Capital Withdrawal
On November 11, Phat Dat Real Estate Development Joint Stock Company (stock code: PDR) approved the divestment of its entire stake in its subsidiary, Bac Cuong Investment Joint Stock Company. PDR plans to sell 99% of Bac Cuong’s shares at a price of no less than VND 1.1 trillion.
Bac Cuong Investment Joint Stock Company was established in July 2010 and is headquartered in Da Nang. Initially, the company had a charter capital of VND 27 billion, contributed by Xuyen Viet Joint Stock Company (93.7%) and legal representative Tran Thai Duong (6.3%).
Bac Cuong’s headquarters are located at 223-225 Tran Phu Street, Hai Chau District, Da Nang. This address is also the site of a high-end apartment complex project, combined with commercial services and a hotel, featuring three frontages on Tran Phu, Bach Dang, and Le Hong Phong streets. The project spans 2,735 square meters, with a total investment of over VND 2.9 trillion.
As of September 30, the inventory value of this high-end apartment complex, combined with commercial services and a hotel, was over VND 640 billion. This includes project transfer costs, land use rights transfer costs, and other construction expenses.
Notably, all of PDR’s shares in Bac Cuong, along with the land use rights and associated assets of the high-end apartment complex project, are collateral for a VND 126 billion loan from MB Bank’s Da Nang branch, maturing in April 2030.
Phat Dat seeks to sell 99% of its stake in Bac Cuong Investment Joint Stock Company for no less than VND 1.1 trillion.
In October, PDR also approved the divestment of two other entities within its ecosystem. Specifically, PDR plans to sell 79% of its stake in Thuan An 1 High-Rise Real Estate Investment LLC, despite the company being established only on September 4. Additionally, PDR authorized the sale of its entire stake in Thien Long Building Investment and Development Joint Stock Company.
Similarly, Hoa Tho Textile Joint Stock Company (stock code: HTG) recently resolved to divest its entire 20% stake in Hoa Tho – Phu Ninh Garment Joint Stock Company. HTG will sell 400,000 shares, representing 20% of Hoa Tho – Phu Ninh’s capital, in Q4 2025.
HTG’s Board of Directors has authorized the CEO and legal representative to execute the divestment process, ensuring transparency, competitiveness in pricing, and compliance with legal regulations to maximize the company’s interests.
Hoa Tho – Phu Ninh Garment Joint Stock Company was established on March 15, 2012, and is located in the Cho Lo Industrial Cluster in Chien Dan Commune, Da Nang. The company operates a 4,900 square meter factory with 540 employees, producing 1.2 million trousers annually. As of September 30, HTG recorded a loss of over VND 1.8 billion from its investment in Hoa Tho – Phu Ninh.
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