The State Securities Commission (SSC) Inspectorate recently issued a decision on administrative sanctions against Saigon Glory Limited Liability Company, headquartered at No. 1, Pham Ngu Lao Street, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City.
Specifically, Saigon Glory was fined VND 92.5 million according to the provisions of Point a, Clause 4, Article 42 of Decree No. 156/2020/ND-CP of the Government regulating administrative sanctions for violations in the field of securities and the securities market.
Saigon Glory has committed the act of not disclosing information that must be disclosed according to the law. The enterprise did not send the information disclosure content to the Hanoi Stock Exchange (HNX) a series of documents: Semi-annual financial report 2023; Status of implementation of commitments of the issuing enterprise to bondholders in semi-annual 2023, Status of use of funds from audited bond issuance in semi-annual 2023; sent periodic information disclosure content to HNX after the deadline for the documents: Report on the use of capital from semi-annual bond issuance in 2021; Report on the use of capital from bond issuance in 2021; Semi-annual financial report 2021; Financial report 2021; Status of payment of interest and principal of semi-annual bonds in 2021, Status of payment of interest and principal of bonds in 2021.
Saigon Glory Company Limited is famous as the investor of the project Office - Trade - Service - Apartment - 6-star hotel and hotel office (Ben Thanh Quadrangle), commercial name is The Spirit of Saigon with a scale of 8,600 m2.
Located in the most prime location in the center of Saigon with 4 street frontages: Le Thi Hong Gam - Calmette - Pham Ngu Lao - Pho Duc Chinh, opposite Ben Thanh market and connected to Ben Thanh Metro Station, the project is positioned in the high-end segment of the real estate market.
Established in July 2018, Saigon Glory is 100% owned by Bitexco Group. Saigon Glory's role is to manage and develop Bitexco's projects.
Saigon Glory's initial charter capital was 7,000 billion VND, its main business activity was in the real estate sector, with Mr. Vu Quang Bao (born in 1970) as Chairman. Up to now, the legal representative of Saigon Glory is still Mr. Vu Quang Bao - CEO of Bitexco Group, Chairman of BB Group and younger brother of Mr. Vu Quang Hoi - Chairman of the Board of Directors, founder of Bitexco.
Besides owning a project located on the "diamond" land of Ho Chi Minh City, Saigon Glory is also widely known as a top bond "player" in the market with many issuances worth thousands of billions of VND.
Specifically, in the period from June 2020 to August 2020, Saigon Glory issued 10 bond lots with codes from SGL-2020.01 to SGL-2020.10 with a total value of up to VND 10,000 billion to develop the project. The above bond lots all have terms ranging from 3 to 5 years and are custodianed by Tan Viet Securities JSC (TVSI).
Most recently, at the end of February 2024, Saigon Glory Company Limited said it had reached an agreement with bondholders of 10 bond lots worth a total of VND 10,000 billion on extending the maturity date.
According to the agreement dated February 5, 2024, the 10 bond lots that have been extended have codes from SGL-2020.01 to SGL-2020.10, each lot is worth VND 1,000 billion. All 10 lots will have their maturity extended by 1-2 years.
During the extension period, Saigon Glory will repurchase the principal of each lot as soon as possible but no later than the scheduled schedule with the payment rate increasing each period. For 5 lots from 01-05, the repurchase of the principal will be divided into 6 periods, and 5 lots from 06-10 will be divided into 7 periods.
The record date for the first payment period is February 5, 2024. For the remaining payment periods, the record date is the 3rd business day before the date of repurchase.
Saigon Glory also noted that it will not send a notice of principal repurchase to bondholders. On the other hand, bondholders do not need to carry out any other legal procedures to repurchase the principal of the bond.
During the extension period, all 10 bond lots will be subject to an interest rate of 8%/year. The interest calculation period will also be adjusted instead of every 3 months as before the extension period, it will be changed to after 12 months from the extension start date .
PV
Source: https://www.nguoiduatin.vn/saigon-glory-cua-chu-tich-vu-quang-bao-bi-xu-phat-a663246.html
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