The Hanoi Stock Exchange (HNX) has released information regarding the bond payment 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 payment on the NTDCH2227001 bond series, totaling over VND 2 trillion. However, No Va Thao Dien has only managed to pay more than VND 200 million in non-cash assets.
No Va Thao Dien LLC stated that they have not yet secured the necessary funds and are currently negotiating with investors on the remaining debt repayment plan.
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. In March 2023, No Va Thao Dien failed to meet its interest payment commitment.
No Va Thao Dien LLC is still in the process of securing funds and negotiating with investors to settle the outstanding debt.
Notably, No Va Thao Dien LLC has submitted a document to HNX disclosing several unusual events related to the bond issuer. These include the partial or full suspension of business operations, the suspension of activities, or the revocation of the enterprise registration certificate (or business registration certificate, equivalent license) due to reorganization or conversion decisions.
The company also reported changes in the disclosed information compared to the bond offering prospectus, which may affect its ability to repay principal and interest. Additionally, there have been changes in the terms and conditions of the issued bonds and the representative of bondholders.
The company further disclosed decisions by competent authorities regarding administrative penalties in the securities and stock market sector, or legal violations subject to penalties or criminal prosecution.
Furthermore, No Va Thao Dien announced the mandatory early redemption of the NTDCH2227001 bond series, totaling VND 2.3 trillion, as per the March 13, 2023 notice from TVSI Securities regarding violations of this bond series.
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 the bondholders.
In early June, No Va Thao Dien delayed the payment 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 pay 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 business, dealing with land use rights owned, used, or leased.
In 2024, No Va Thao Dien reported a net profit of over VND 14 billion, but its accumulated losses still exceed VND 933 billion. As of the end of 2024, the company’s equity increased to VND 6,355 billion, while total liabilities reached VND 12,773 billion, a 5% increase year-over-year.
Apart from No Va Thao Dien, Unity Real Estate Investment LLC is scheduled to pay nearly VND 208 billion in principal for the UNICH2124001 bond series on October 14. However, the company has only paid over VND 34 billion, leaving nearly VND 174 billion unpaid due to insufficient funds.
Unity Real Estate stated that they are negotiating with investors to repurchase the entire bond series, with the transaction expected to be completed 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 operating capital and subsequently acquire equity in Binh An Tourism Company, thereby gaining ownership of the Binh Chau – Phuoc Buu luxury eco-tourism and resort project (Binh Chau Commune, 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 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 Chairman and legal representative of the company.
