Ho Chi Minh City Infrastructure Investment Joint Stock Company (HoSE: CII) has just approved a plan to issue private bonds with a maximum total value of VND108 billion, with a term of 36 months.
CII is known as the "land tycoon" of Thu Thiem when it owns a land fund of up to 96,000m2, assigned by the Ho Chi Minh City People's Committee to implement the new urban area project.
Of which, 90,078m2 of land in Thu Thiem New Urban Area is land used for long-term stable housing construction, the remaining 6,053m2 of land is used for 50 years for the purpose of building offices for lease.
Currently, the land fund that this enterprise owns in Thu Thiem is still quite large. Specifically, in addition to the projects Lakeview 1 and 2, D'Verano, The River Thu Thiem that have been handed over, CII also owns many other projects that are in the investment phase, including: Lakeview 4 (lot 4.8) with an area of 9,474m2, total investment capital of 170 billion VND; D'Vernal (lot 3.6) with an area of 9,474m2, total investment capital of 357 billion VND; Riverfront Residence (lot 3.13) with an area of 5,823m2, total investment capital of 1,450 billion VND; The River 2 (lot 3.16) with an area of 19,882m2, total investment capital of 3,157 billion VND; Office commercial building Lot 1-18 (Lot 1-18) has an area of 6,054m2, total investment capital of 683 billion VND.
However, it is worth noting that CII has a huge debt of more than 1 billion USD. Accordingly, at the end of the third quarter of 2024, the company's debt was recorded at 25,815 billion VND (more than 1 billion USD), an increase of nearly 5% compared to the beginning of the year. Of which, total debt increased by 374 billion VND to 19,259 billion VND, accounting for 75% of total debt.
The company's 9-month cash flow report also shows that CII borrowed more than VND6,688 billion while spending VND5,542 billion to repay the loan principal. Net cash flow turned negative by nearly VND476 billion.
In terms of business activities, in the third quarter of 2024, CII recorded revenue of VND 706 billion and profit after tax of VND 95 billion, down 3.5% and 0.8% respectively over the same period. In the first 9 months, the company brought in VND 2,283 billion in revenue, down 1.7% and profit after tax of VND 538 billion, up 151%.
Previously, in October 2024, CII successfully issued VND 300 billion in bonds, 36-month term with floating interest rate (equal to the total of 4.85% plus the reference interest rate of 12-month term deposits announced by 4 banks including Military Commercial Joint Stock Bank, Vietnam Prosperity Joint Stock Commercial Bank, Asia Commercial Joint Stock Bank and Vietnam Technological and Commercial Joint Stock Bank).
Source: https://vietnamnet.vn/no-hon-1-ty-usd-trum-dat-thu-thiem-tiep-tuc-goi-von-trai-phieu-2339335.html
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