Mr. Duc at a cooperation signing event with LPBank - Photo: TUAN HUU
Hoang Anh Gia Lai Joint Stock Company (HAG), chaired by Mr. Doan Nguyen Duc (Bau Duc), has just announced information on the payment of principal and interest of the bond lot.
Hoang Anh Gia Lai was supposed to pay the periodic interest of nearly 140 billion VND for this bond lot on June 30.
However, due to not being able to arrange the funds, HAG is late in payment.
The specific reason given by HAG is that it has not collected enough money from the debt of Hoang Anh Gia Lai International Agriculture Joint Stock Company - HAGL Agrico (currently, a three-party debt repayment schedule has been agreed upon) and some of the company's unprofitable assets have not been liquidated.
Because this batch of bonds was late in many installments, by the end of June, the company recorded nearly VND3,350 billion in late interest. The accumulated amount of late principal payment was VND1,015 billion. Thus, the total principal and interest amounted to more than VND4,360 billion.
Hoang Anh Gia Lai said the expected payment time for the remaining amount will be in the third quarter of 2024.
Mr. Duc - the head of the company - has repeatedly emphasized the goal of "clean debt". Along with his determination, Mr. Duc has continuously liquidated, transferred assets, restructured capital sources...
In the consolidated financial report for the first quarter of 2024, HAG's total short-term and long-term debt was over VND 7,800 billion, down about 5% after one year and down more than VND 19,000 billion compared to the peak debt in 2015.
The report also shows that at the end of March this year, HAG still had some domestic credit and bond debts. Of which, HAG's largest creditor was BIDV.
Regarding this bond debt, on May 21, BIDV announced the selection of an auction unit. Accordingly, the total expected face value of the transfer, interest accrued with the face value of the transfer, and interest accrued on the face value of the bonds collected as of April 15 is more than VND3,741 billion.
Assets securing Hoang Anh Gia Lai's bond debt include 86.696 million HAG shares, 2,789 hectares and 141 hectares of bananas in Stung Treng (Cambodia) and 15,944 breeding pigs...
In addition to BIDV, Hoang Anh Gia Lai also has a bond lot worth 300 billion VND arranged for issuance by ACB Securities.
The total bond debt of Mr. Duc's company at the end of March was nearly 4,528 billion VND. This figure includes 3,198 billion VND and long-term bonds due within 1 year of more than 1,329 billion VND.
How much does HAGL Agrico owe Bau Duc's company?
HAGL Agrico was formerly Hoang Anh Gia Lai Rubber Joint Stock Company, then transferred to the company of billionaire Tran Ba Duong - chairman of Thaco.
After a period of overlapping relationships, by August 2022, HAGL Agrico chaired by Mr. Tran Ba Duong and Hoang Anh Gia Lai chaired by Mr. Duc committed to separating mortgaged assets and debt repayment obligations to BIDV.
Notably, HAGL Agrico's largest creditor as of the end of March 2024 is not banks, but Truong Hai Agricultural Joint Stock Company - a member unit of Thaco - with nearly 6,000 billion VND. Next is Mr. Duc's long-term debt to HAG worth nearly 1,000 billion VND.
Source: https://tuoitre.vn/chua-ban-duoc-tai-san-cong-ty-bau-duc-khat-no-trai-phieu-hon-4-000-ti-20240702171105428.htm
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