Dat Xanh Mien Nam Investment and Service JSC has just sent an official dispatch to the Hanoi Stock Exchange (HNX) requesting a delay in payment of principal and interest on bonds.
This is bond MNRCH2123001 issued on December 31, 2021 with a term of 24 months, expected to mature on December 31, 2023. The above bond lot has a total value of VND 150 billion, including 1,500 bonds with a par value of VND 100 million/bond and is issued at an interest rate of 12%/year, monthly interest payment term.
Accordingly, the interest payment dates for the above bond lots will take place as planned on February 15, 2023, February 28, 2023 and March 31, 2023. The total interest that Dat Xanh Mien Nam must pay in these 3 interest periods is 4.6 billion VND.
However, Dat Xanh Mien Nam has been late in paying interest to bondholders, citing the lack of funds and the company is negotiating with bondholders to change the interest payment period. It is expected that bondholders will receive the above payments from Dat Xanh Mien Nam on June 30, 2023.
This is not the first time the company has requested to delay bond payments. Previously, on the payments on February 15 and February 28, Dat Xanh Mien Nam also requested to delay payments for the same reason and requested to postpone the expected payment date to March 31, 2023, but now it is delayed for the same reason.
This is not the first time the company has requested to delay bond payments. Previously, on the payments on February 15 and February 28, Dat Xanh Mien Nam also requested to delay payments for the same reason.
Previously, the company said it was negotiating with bondholders about changing the payment period from monthly to quarterly.
As for Dat Xanh Mien Nam, the enterprise was established on December 12, 2009, with the main activity being real estate trading and brokerage. As of September 30, Dat Xanh Real Estate Services JSC (Dat Xanh Services, DXS) owns 65% of the charter capital of this unit.
Dat Xanh Services' 2021 annual report said that Dat Xanh Mien Nam is the distributor of the Garden Riverside project - Thu Thua, Long An with an area of 26.2 hectares.
In the fourth quarter of 2022, Dat Xanh Services shared its plan to transfer more than 5 million shares (equivalent to 16% of voting shares) of Dat Xanh Mien Nam and adjust the company's ownership ratio at Dat Xanh Mien Nam to 49%.
If the transfer is completed, Dat Xanh Mien Nam will no longer be a subsidiary of Dat Xanh Services and will not consolidate its business results into its financial statements, the two entities will become associates.
The reason for the transfer is said to be to restructure the company's ownership structure at the unit, the transfer value of each share is at least equal to par value, the transferee will be a potential partner .
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