Hodeco (HDC), a leading real estate development company listed on HoSE, has announced the registration of convertible bond purchases by two of its executives. Chairman Doan Huu Thuan, holding 17.55 million shares (9.85%), plans to acquire 492,271 HDC425001 convertible bonds at a 35,671:1,000 ratio. This transaction, valued at VND 49.2 billion, will take place between November 24 and December 10, 2025.
Several family members of Chairman Thuan also hold significant stakes in HDC, including his wife, Nguyen Thi Thanh Ha (3.37%), and sons Doan Huu Ha Vinh (2.18%) and Doan Huu Ha An (1.02%), along with daughter-in-law Nguyen Tu Quynh (1.1%).
Similarly, CEO Le Viet Lien, with 6.56 million shares (3.68%), intends to purchase 184,161 convertible bonds, totaling VND 18.18 billion, during the same period.
Chairman Doan Huu Thuan (center) and CEO Le Viet Lien (right). Photo: Hodeco
Hodeco is offering 4.9 million HDC425001 convertible bonds at VND 100,000 each, aiming to raise nearly VND 500 billion. These unsecured bonds, without warrants, convert into common shares after two years at a 1:10 ratio.
The bonds carry a fixed 10% annual interest rate, paid semi-annually. Shareholders can transfer their purchase rights once during the November 19 to December 5, 2025, window, with the subscription period ending December 10, 2025.
Conversion occurs in two phases: 40% after one year and the remainder at maturity. Each bond converts into 10 common shares.
In Q3 2025, Hodeco reported VND 102 billion in revenue, down 18% year-over-year. Financial income surged to VND 700 billion, primarily from the sale of Ocean Entertainment Construction Investment Corporation shares, resulting in a record VND 539 billion net profit.
For the first nine months, revenue totaled VND 281 billion (down 26%), while net profit reached VND 610 billion (9.4x growth). Hodeco achieved 19% of its 2025 revenue target but exceeded profit goals by 44%.
As of September 30, 2025, total assets stood at VND 5.404 trillion (up 10.8%), with liabilities at VND 2.523 trillion. Short-term debt decreased 26% to VND 869 billion, and long-term debt totaled VND 757 billion, including VND 491 billion in bonds.
In Q3, board compensation fell by half to VND 1.1 billion, while executive pay doubled to VND 10.6 billion. Chairman Thuan and CEO Lien received VND 3.3 billion and VND 3 billion, respectively.
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