On the morning of July 30, Mr. Nguyen Quoc Cuong (Cuong Do La) chaired the second annual general meeting of shareholders in 7 after taking the hot seat as General Director of Quoc Cuong Gia Lai Joint Stock Company (QCG) replacing his mother, Ms. Nguyen Thi. Nhu Loan. Ms. Loan was arrested and prosecuted on July 2024 related to the transfer of project 19-7B Ben Van Don, Ward 39, District 39, Ho Chi Minh City.
Returned to the board of directors after 6 years of withdrawal Quoc Cuong Gia Lai (QCGL), Mr. Nguyen Quoc Cuong is expected to handle the Phuoc Kien project with Van Thinh Phat as well as resolve problems in other real estate projects.
According to the court's ruling, QCGL paid Van Thinh Phat the amount of VND 2.880 billion that Sunny Land (an enterprise belonging to the Van Thinh Phat ecosystem) paid in advance for the purchase and sale of the Phuoc Kien project. Only then will QCGL be able to get back the project that is being distrained.
However, 2.880 billion VND is a large number and it takes time to collect enough. The difficulty is that the project's legal documents are currently frozen and cannot be used as collateral for any loans.
By the end of the first quarter of 2024, QCG had cash and cash equivalents of less than 30 billion VND. Large inventory, more than 7.000 billion VND, but most of it is in stuck projects. Total debt is more than 5.000 billion VND, of which loans and financial lease debt are about 570 billion VND.
It is unknown what will happen to Phuoc Kien and many other QCG projects after Ms. Nguyen Thi Nhu Loan was arrested and Mr. Nguyen Quoc Cuong took over, but QCG shares rose to the ceiling again in two sessions after falling nearly 30% previously.
Investors are hoping for a roadmap to sell 3 hydroelectric plants, promote inventory handling with completed projects, and sell the Marina Da Nang project so that QCG can collect enough money to pay for the project. Van Thinh Phat, received back the Phuoc Kien project.
However, on the contrary, some investors are concerned that the investigation of Ms. Loan is ongoing, so more time is needed to evaluate the business's prospects. Besides, the real estate sector in general still has many difficulties that need to be resolved.
Over the past decade, QCG has also had many scandals, not only related to the projects this company implemented but also many violations related to information disclosure. Business results are also weak.
With JSC Hoang Anh Gia Lai – HAGL Group (HAG) is chaired by Mr. Doan Nguyen Duc (Bau Duc), this business has recently eased difficulties when it sold its agricultural segment (HAGL Agrico – HNG) to Thaco of billionaire Tran Ba Duong, with revenue about the large amount of money to repay debt; At the same time, receiving capital flows from LPBank and Thaiholdings group of Mr. Nguyen Duc Thuy.
HAG has actively eliminated debt and benefited from the expanded durian garden, with durian selling prices increasing.
However, HAGL's total debt is still quite large. On June 30, HAG delayed paying more than 6 billion in bond principal and interest because it could not receive full payment from Thaco in the sale of HAGL Agrico.
HNG has just been forced to delist due to losses for 3 consecutive years.
Investors expect that with the appearance of a new group of shareholders, HAGL will make a breakthrough again. HAG shares doubled to 15.000 VND/share. But recently HAG is under selling pressure and is at 12.300 VND/share.
Group Joint Stock Company Duc Long Gia Lai (DLG) is also a famous large enterprise in Gia Lai, with a starting point in the wood processing industry for domestic consumption and export (quite similar to HAGL). Chairman Bui Phap's business expanded its operations into multiple industries and once caused a stir in the stock market with the acquisition of American components company Mass Noble in 2015. This company has a factory in China.
Now, Duc Long Gia Lai has passed its popularity, has accumulated losses of several trillion, its stock price is half a cup of iced tea and is considering selling its factory in China.
In two sessions from July 29 to 30, DLG shares recorded one session with a floor drop and one session with a decrease of more than 7%, down to 4,1 VND/share.
Duc Long Gia Lai has declined, losing continuously for the past 2 years. By the end of the first quarter of 2024, DLG had an accumulated loss of VND 2.637 billion compared to its charter capital of VND 2.993 billion. Capitalization currently reaches more than 595 billion VND. DLG has very large debt, as of the end of March amounting to more than 3 billion VND, including nearly 2.722 billion VND in loans and short-term financial lease debt.
Duc Long Gia Lai also borrowed several thousand billion VND from many banks such as BIDV, VietinBank, Sacombank. By the end of March 3, DLG had outstanding debt from BIDV Bank of about VND 2024 billion, including nearly VND 1.700 billion in long-term loans.
Duc Long Gia Lai's problem is that it has a lot of debt, weak cash flow, and is being pressured by creditors Lilama 45.3 to open bankruptcy procedures just because of a debt of more than ten million dong.
In fact, the amount of money that DLG owes Lilama 45.3 is not much, the total principal and interest is 17 billion VND. And according to DLG, in the first and second quarter of 2024, this company paid 1 billion VND/quarter. The total payment DLG paid to Lilama 45.3 was 6 billion VND.
Recently, the Board of Directors of Duc Long Gia Lai has issued a resolution to sell all 97,73% of capital (equivalent to an investment of VND 249 billion) owned at Mass Noble Investments Limited Co., Ltd. - a unit operating in the field of electronics. electronic accessories. This company is the main contributor to Duc Long Gia Lai's revenue from 2016 to present.
Sources: https://vietnamnet.vn/ca-3-dai-gia-pho-nui-lao-dao-bau-duc-trong-cho-ty-phu-nguoi-bi-bat-ke-ban-het-2307025.html
