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Hoang Anh Gia Lai plans to sell hotel to settle debt

The Saigon Times

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HCMC – Hoang Anh Gia Lai JSC (HAGL) is considering selling its hotel in the Central Highlands province of Gia Lai as part of its broader asset liquidation strategy aimed at meeting its financial obligations.

Hoang Anh Gia Lai JSC has announced to delay bond coupon payments. The company had been overdue on VND2.87 trillion in coupon and over VND1.15 trillion in principal for its HAGLBOND16.26 bonds as of September 30, 2023.

HAGL disclosed that it paid VND380 billion in principal on September 29 and would settle the remaining amount in the fourth quarter of this year. The company cited pending payments from its subsidiary, International Agriculture Hoang Anh Gia Lai, and the liquidation of non-profitable assets as reasons for the delay.

Meanwhile, HAGL extended the maturity date of another bond issue, initially set for September 30, 2023. The new maturity date of the bond, with a face value of VND300 billion, is September 30, 2025.

Its HAG shares inched up 2.33% to VND7,900 per share today, October 2, with a trading volume of nearly 6.1 million shares.

With 280 winners and 201 losers, the VN-Index of the Hochiminh Stock Exchange closed with a modest gain of 1.1 points, or 0.1%, to 1,155.25 points.

Trading volume reached 516.94 million shares valued at around VND11.5 trillion, down 10.07% in volume and 17.77% in value compared to the previous trading session. Block deals contributed over VND1.4 trillion to the overall value, with 51.4 million shares changing hands.

The VN30 basket, which groups the 30 largest-cap stocks, saw 16 stocks advancing. The VN30-Index moved sideways with a gain of 0.87 points, or a fractional 0.07%, reaching 1,167.13 points.

GVR rose the strongest, up 4.6% to VND20,400 per share, contributing more than 0.9 positive point to the main index.

VRE and VNM increased 2.9% and 1.9%, respectively, translating into 1.1 positive points for the VN-Index. In contrast, the banking sector declined, led by TPB, which lost 2%. VCB and GAS fell by 1.1% and 1.5%, respectively.

Securities stock VIX took the lead by liquidity on the southern bourse today, with a matching volume of nearly 30.5 million shares.

The HNX-Index of the Hanoi Stock Exchange ended the day with 105 stocks gaining and 66 others declining. The HNX-Index rose by 0.37 points, or 0.16%, to close at 236.72 points, with a matching volume of over 63.84 million shares worth nearly VND1.3 trillion.

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