The auctioned asset is 89,482 liters of Sumagrow liquid organic fertilizer manufactured in the United States. The asset is located in Can Tho city.
This is the 7th consecutive time Agribank has announced to find customers for this shipment after 6 previous announcements but no buyers.
The shipment is collateral for SumaGrow Vietnam's loan at Agribank Thai Nguyen under a credit contract signed in 2020.
It is known that the provisional outstanding debt as of May 31, 2023 is more than 33.3 billion VND. Of which, the principal outstanding debt is more than 27.5 billion VND, the interest outstanding debt is more than 5.3 billion VND, and other expenses are about 520 million VND.
In this 7th auction, Agribank expects the starting price to be 198,500 VND/liter. If the sale is successful, the bank will collect about 17.76 billion VND, which is only about half of SumaGrow Vietnam's current outstanding debt.
The minimum quantity of goods sold is equivalent to 1 billion VND or more. The goods are divided into 18 lots, in which the lots numbered from 01 to 17 each have 5,038 liters and 01 lot numbered 18 is 3,836 liters. The person who registers to buy lot number 18 is required to buy at least 01 more lot from lots 01 to 17 to ensure the quantity of goods sold is equivalent to 1 billion VND or more.
Agribank said that the above starting price has decreased by VND22,010/liter compared to the starting price of the 6th auction (VND220,510/liter).
However, compared to the starting price in the auction in May 2023, the bank has "massively reduced the price" by 47% after only 3 months (the starting price at that time was 373,000 VND/liter).
SumaGrow Vietnam is headquartered at 8 Trang Thi Street, Hoan Kiem District, Hanoi. This enterprise was originally an individual business unit, distributing agricultural solution products.
In 2017, the unit began testing SumaGrow Inside, a liquid organic microbial fertilizer product of Bio Soil Enhancers.Inc (BSEI). Up to now, the biological fertilizer product SumaGrow Inside has been present in many provinces and cities across the country.
In addition to the debt of SumaGrow Vietnam, Agribank is also having a "headache" in liquidating the collateral assets of another enterprise operating in the agricultural sector, TH Bonbon Company Limited, a veterinary medicine and animal feed production business, headquartered in Vinh Phuc.
Specifically, Agribank Tay Do Branch is currently selling a debt worth VND96.75 billion from TH Bonbon (principal debt is VND76.49 billion) according to a credit contract signed in 2016. This debt is classified by the bank as group 5 debt from 2021.
The starting price offered by the bank is 96.75 billion VND (equal to the debt value).
The assets securing the loan include: 1 apartment at Galaxy 9 project (District 4, Ho Chi Minh City); 165m2 of urban land in Thanh My Loi ward, District 2, Ho Chi Minh City; apartment room 1202 CT1A - DN2, My Dinh 2 urban area, Hanoi; 1 plot of land of 40m2 in Yen Hoa ward, Cau Giay district, Hanoi; 2 Ford Ranger cars; 01 Mercedes GLC 250 car; 1 Honda CRV car; the company's animal feed factory in Tam Dao, Vinh Phuc; Machinery and equipment of the company.
Previously, in April 2021, Agribank seized the collateral assets of TH Bonbon Company Limited, including the animal feed factory and all machinery and equipment of the above factory.
The factory and all of its machinery and equipment were then auctioned in September 2021 with a starting price of more than VND 103 billion, but were unsuccessful.
It is known that TH Bonbon Company Limited was established in 2011 with Mr. Tran Duc Hanh as Chairman of the Board of Directors and General Director.
In addition, Mr. Hanh is also a representative at Duc Hanh BMG Wine JSC, Song Cong Marphavet Group JSC, Duc Hanh Marphavet Veterinary Medicine JSC.
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