Mai Vien Real Estate JSC is the investor of Cantavil Commercial Center on Hanoi Highway, Thu Duc City, Ho Chi Minh City. Photo: Tien Vu
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It is known that the bonds were issued on October 26, 2021, and matured on October 26, 2024, with an interest rate of 11.5% per annum.
The secured assets are the rights to use land, own houses, and other assets attached to Fusion Suites Saigon Hotel at 3-3A-3B-5 Suong Nguyet Anh, Ben Thanh Ward, District 1, Ho Chi Minh City. The proceeds were invested by the Company in Thac Bac Long Cung Eco-tourism Area in Hoa Binh Province, in collaboration with Dai Lam JSC through a business cooperation contract.
The bonds matured on October 26, 2024, but Mai Vien Real Estate had to make three payments and it was not until November 15 that they fully settled the bond lot. This included VND 600 billion in principal and nearly VND 69.2 billion in interest. The company stated that since October 26 was a Saturday, the payment date was postponed to October 28. However, Mai Vien Real Estate only paid VND 314.9 billion in principal and nearly VND 47.9 billion in interest on October 28.
The company explained that the partial payment was due to the lack of timely financial arrangements, as well as ongoing negotiations with bondholders regarding the payment schedule.
Nearly half a month later, on November 14, Mai Vien Real Estate continued to pay an additional VND 184.9 billion in principal and nearly VND 23.2 billion in interest. On November 15, the company finally paid off the remaining principal of over VND 100 billion and nearly VND 947 million in interest, thus officially settling the bond lot.
In the first half of this year, Mai Vien Real Estate recorded a decline in business results. After-tax profit was over VND 15 billion, down 93% compared to the same period.
As of June 30, 2024, Mai Vien Real Estate’s total assets were nearly VND 1,400 billion, with liabilities of nearly VND 826 billion.
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Mai Vien Real Estate’s business results for the first half of 2024
Source: HNX
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Mai Vien reports a mega jump, net profit in 2023 surges more than 14 folds
In 2023, Mai Vien Real Estate reported a net profit of over 213 billion VND, more than 14 times higher than the same period last year.
