The company of the 'Beer Street' tycoon is considering delaying bond payment again.

sapo: Faced with the prolonged economic difficulties and unable to arrange payment sources, Duong Man Company continues to negotiate with bondholders about payment of the 200 billion VND bond lot.

Duong Man has been in a state of loss for many years. (Photo: Viet Linh)

Duong Man Joint Stock Company has just updated information on the payment of principal and interest on bonds sent to the Hanoi Stock Exchange (HNX).

Accordingly, the enterprise of tycoon Nguyen Huu Duong, also known as "Duong Bia", recorded a total bond principal and interest payment of more than 225 billion VND, including 200 billion VND of outstanding principal and more than 25 billion VND of bond interest for 4 periods.

This is the DMBOND2017 bond lot with a total value of 200 billion VND, issued from November 20, 2017 and maturing on November 20, 2024. Although it is overdue, Duong Man has asked for a "debt deferment" on this bond lot and said that the payment schedule for 2 interest periods will be postponed to June 30 this year.

Due to the prolonged economic difficulties, Duong Man has not been able to arrange payment sources as planned. The company is currently negotiating with investors about payment of this bond lot.

At the time of issuance, the collateral for the bond lot was Duong Man's gold-plated chain system with a total value of nearly VND160 billion. However, the guarantee obligation was changed in 2018 with the assets being machinery, equipment, means of transport and office equipment.

Duong Man JSC is a member of Hoa Binh Company Limited (Hoa Binh Group), with a charter capital of 277 billion VND since the end of 2014 and introduces itself as a business supplying beer malt to beer factories, including Sabeco.

Hoa Binh Group is known for many large-scale projects such as Dolce By Wyndham HaNoi Golden Lake Gold-plated Hotel, Hoi An Golden Sea Gold-plated Project, Hoa Binh Twin Towers, Hoa Binh Palace Hotel, Hoa Binh Green luxury apartment building, Hoa Binh Green City luxury apartment building...

Regarding the shareholder structure, the largest shareholder of Duong Man is Mr. Nguyen Huu Duong with 244 billion VND, equivalent to 88% of the company's charter capital. Since September 2021, the "Duong Bia" tycoon has transferred the position of Chairman of the Board of Directors and Legal Representative of the company to Mr. Tran Minh Thong.

In addition to Duong Man, Mr. Nguyen Huu Duong currently owns 47.7% of capital at Hoa Binh Group, and is also the largest shareholder of this company. At the same time, the tycoon also holds 70% of capital at Hoa Binh Social Housing Investment and Construction Joint Stock Company (Hoa Binh Social House); owner of the gold-plated hotel Dolce by Wyndham Hanoi Golden Lake...

Regarding the business situation, the company of the "Duong Bia" tycoon is at risk of reporting losses for the 5th consecutive year. In the 2024 semi-annual report, Duong Man reported a loss after tax of more than 20 billion VND.

As of June 30, 2024, Duong Man's equity decreased by 28% compared to the same period last year, down to nearly VND 54 billion. Total liabilities were VND 1,126 billion, a slight increase compared to the same period.

(Source: ZNews)

Link: https://znews.vn/cong-ty-cua-dai-gia-duong-bia-lai-tinh-khat-no-trai-phieu-post1541478.html

Source: https://vtcnews.vn/cong-ty-cua-dai-gia-duong-bia-lai-tinh-khat-no-trai-phieu-ar934367.html