The Hanoi Stock Exchange (HNX) has announced updates regarding the bond repayment status of No Va Thao Dien LLC, a subsidiary majority-owned (99.99%) by Novaland Group (stock code: NVL).
According to the schedule, August 15th was the due date for principal and interest repayment of the NTDCH2227001 bond series, totaling over VND 2,000 billion. However, No Va Thao Dien has only managed to repay slightly more than VND 200 million through non-cash assets.
No Va Thao Dien LLC cited difficulties in securing sufficient funds and ongoing negotiations with investors regarding the remaining debt settlement as reasons for the delay.
The NTDCH2227001 bond series, issued on September 5, 2022, has a face value of VND 2,300 billion and a 5-year maturity, 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 discussions with investors to address the outstanding debt balance.
In a separate disclosure to HNX, No Va Thao Dien revealed several unusual developments. These include potential business suspension, revocation of business registration, or restructuring mandates. The company also acknowledged changes in previously disclosed information, impacting its debt servicing capabilities, as well as amendments to bond terms and representative changes.
Additionally, the company reported administrative penalties related to securities regulations and potential legal or criminal proceedings.
No Va Thao Dien further disclosed a mandatory early redemption notice for the NTDCH2227001 bonds, totaling VND 2,300 billion, following a March 13, 2023 violation report from TVSI Securities.
The company’s attempts to negotiate repayment terms with bondholders in March-May 2023 were unsuccessful. Previous delays include a VND 2,172 billion missed payment in June and a VND 45 billion deferral in 2024, with nearly VND 2,183 billion still outstanding.
Established in 2008, No Va Thao Dien operates in real estate and land use rights. In 2024, it reported a net profit of VND 14 billion, though accumulated losses remain at VND 933 billion. As of year-end 2024, equity increased to VND 6,355 billion, while total liabilities rose 5% to VND 12,773 billion.
Separately, Unity Real Estate Investment LLC faces a similar situation with its UNICH2124001 bond series. Due on October 14th, only VND 34 billion of the VND 208 billion principal has been repaid, with the remainder delayed due to funding challenges.
Unity Real Estate is negotiating a bond buyback with investors, targeted for November 2025. The VND 416 billion bond series, issued in October 2021, aimed to fund the acquisition of Binh An Tourism Company, granting access to the Binh Chau – Phuoc Buu luxury eco-resort project in Ba Ria – Vung Tau.
Founded in September 2016 as Nova Hospitality with an initial charter capital of VND 50 million, Unity Real Estate is now 99.98% owned by Novaland Group. Mr. Bui Dat Chuong, brother of Novaland Chairman Bui Thanh Nhon, serves as Chairman and legal representative.
