The Hanoi Stock Exchange (HNX) has released details 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 repayment on the NTDCH2227001 bond series, totaling over VND 2 trillion. However, No Va Thao Dien has only managed to repay 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 repayment.
Significantly, No Va Thao Dien LLC has submitted a notice to HNX regarding several unusual developments related to the bond issuer. These include the partial or full suspension of business operations, revocation of business registration certificates, and restructuring or conversion decisions affecting the company.
The company also reported changes in previously disclosed information that may impact its ability to repay bond principal and interest, as well as alterations to bond terms and conditions and changes in bondholder representation.
Additionally, the company disclosed administrative penalties imposed by competent authorities for securities market violations, legal infractions, or criminal proceedings.
Furthermore, No Va Thao Dien announced the mandatory early repurchase of the NTDCH2227001 bond series, valued at VND 2.3 trillion, as per the March 13, 2023 notice from TVSI Securities regarding bond violations.
In March-May 2023, No Va Thao Dien conducted a poll among NTDCH2227001 bondholders regarding repayment options for principal and interest. However, the company failed to reach an agreement with bondholders.
In early June, No Va Thao Dien delayed the repayment of over VND 2.172 trillion in principal and interest for this bond series. In 2024, the company also deferred VND 45 billion and has yet to repay nearly VND 2.183 trillion in principal and interest for the aforementioned bonds.
Established in 2008, No Va Thao Dien LLC primarily operates in the real estate sector, dealing with land use rights owned, leased, or rented.
In 2024, the company reported a net profit of over VND 14 billion, although its accumulated losses still exceed VND 933 billion. As of year-end 2024, the company’s equity increased to VND 6.355 trillion, while total liabilities rose by 5% year-on-year to VND 12.773 trillion.
Aside from No Va Thao Dien, Unity Real Estate Investment LLC was scheduled to repay nearly VND 208 billion in principal for the UNICH2124001 bond series on October 14. However, the company has only repaid over VND 34 billion, leaving approximately VND 174 billion outstanding due to insufficient funds.
Unity Real Estate Investment stated that it is negotiating with investors to repurchase the entire bond series, with plans to complete the transaction 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 operational capital for acquiring equity in Binh An Tourism Company, thereby gaining control of the Binh Chau – Phuoc Buu luxury eco-resort project in Xuyen Moc district, Ba Ria – Vung Tau province, developed by Binh An Tourism LLC.
Founded in September 2016 as Nova Hospitality JSC with an initial charter capital of VND 50 million, Unity Real Estate Investment is now 99.98% owned by Novaland Group as of June 30. Mr. Bui Dat Chuong, brother of Novaland Chairman Bui Thanh Nhon, serves as the company’s Chairman and legal representative.
