32.8 C
Ho Chi Minh City
Tuesday, June 25, 2024

Novaland proposes extending bond maturity

By T. Huy

Must read

HCMC – Major Vietnamese real estate developer Novaland has proposed extending the maturity of the bonds it issued to a later date due to its tight budget.

According to the official dispatch Novaland sent to the Hanoi Stock Exchange, the HCMC-based property firm has not been able to settle coupons of two bond lots valued over VND1.5 trillion, namely NVLH2224005 and NVLH2123009.

One of the two lots is valued at VND500 billion, issued in February 2022, and has a term of 24 months, while the other is VND1 trillion, issued in August last year, and has a tenor of 18 months.

They have a fixed coupon rate of 10.5% per annum and are secured by the firm’s NVL shares owned by a third party, with the coupons being paid every six months.

Novaland said it had been doing its best to service the NVLH2123009 bonds, suggesting bondholders extend the maturity date or swap the bonds with its real estate products.

Novaland’s affiliated companies also announced the late payment of bond coupons for the same reason.

They comprise Gia Phu Real Estate Company, Nova Final Solution JSC, and Fuji Nutri Food JSC.

Speaking at a hybrid conference on policies and solutions for the frozen real estate sector held on February 17, Novaland’s board chairman said his company would be able to take out over VND10 trillion of its VND25 trillion frozen at banks if paperwork hindrances are removed and credit is eased for the sector.

With this, the firm could settle its debts and return to normal operations, he added.

More articles


Please enter your comment!
Please enter your name here

Latest articles