Portrait of the new owner of the project that "failed" Ms. Truong My Lan

(Dan Tri Newspaper) - MST Investment Company won the auction for the entire debt of Greenhill Village Company at VietinBank . This company has the Greenhill Village tourist resort project in Quy Nhon, Binh Dinh.

The transaction took place two days before Ms. Truong My Lan was indicted.

The Greenhill Quy Nhon project was previously mentioned in the conclusion of the investigation into the case involving Van Thinh Phat Group.

Accordingly, on October 5, 2022, Ms. Truong My Lan transferred US$14.5 million (equivalent to VND 350 billion) to Mr. Ta Hung Quoc Viet - General Director of Greenhill Village Joint Stock Company. The purpose was to acquire the Greenhill Quy Nhon project, which was developed by Greenhill Village Company.

Two days later, Ms. Lan was charged and taken into custody. Mr. Viet returned the money that Ms. Lan had given him to the investigating agency.

Greenhill Village Company, established in 2018, is the investor of the Greenhill Village Quy Nhon resort project. The project covers a total area of ​​nearly 17 hectares and is located on the Quy Nhon - Song Cau route, Ghenh Rang ward, Quy Nhon city, Binh Dinh province.

Rendering of the Greenhill Village project (Photo: VC2).

In September 2022, the project received approval for an adjustment to its investment plan, increasing the investment capital tenfold to nearly 2,600 billion VND. The investment timeline was also changed, extended from Q2 2022 to Q2 2024. The project includes 500 apartments, 145 villas, and 5 bungalows.

In the two years 2021-2022, Greenhill Village raised two tranches of bonds, totaling over 385 billion VND. The first tranche, worth 180 billion VND, was issued in May 2021 and matured in November 2022.

The collateral consists of land use rights and assets attached to the land, as well as future assets in Ghenh Rang, Quy Nhon City (which could be the Greenhill Village Quy Nhon project).

The second tranche, valued at VND 205.3 billion, was issued in January 2022 and matures in January 2024. Both tranches of bonds were raised with a fixed interest rate of 11% per annum.

Profile of the new owner - MST Investment Company

Greenhill Village Company has a debt at Vietnam Commercial and Industrial Bank - Thu Thiem Branch (VietinBank Thu Thiem). The outstanding principal, interest, and overdue interest as of May 14th amounted to VND 495 billion. The bank had previously announced an auction for this debt at the end of May.

In early December, MST Investment Joint Stock Company (stock code: MST) announced that it had won the auction for the entire value of Greenhill Village Company's debt at VietinBank. The total winning bid was 410 billion VND. It is understood that the collateral for this debt consists of all the profits derived from exploiting the land use rights of the Greenhill Village tourist resort project.

The Greenhill Village project commenced in 2023 (Photo: VC2).

This is not the first time MST has been involved with the Greenhill Village project. In 2023, the company, together with Vina2 Investment and Construction Joint Stock Company (stock code: VC2, in which MST owns over 37% of the capital), announced its intention to jointly acquire 18% of Greenhill Village's capital, with an expected investment of 198 billion VND. As of September 30th of this year, MST has realized this intention.

In September 2023, the project commenced construction, with MST as the developer and Vina2 as the general contractor.

In early November, MST approved the signing of an EPC (Engineering, Procurement, and Construction) contract for the supply of materials and equipment and the construction of the Greenhill Village Quy Nhon tourist resort. The client (investor) is Greenhill Village Company, and MST is the contractor. The contract value is over 2.014 billion VND (excluding 10% VAT). The construction period is 5 years.

MST Investment Company, formerly known as Construction Joint Stock Company 1.1.6.8, was established in 2009. The company listed its MST shares on the Hanoi Stock Exchange (HNX) in 2016. Its main business activities include construction of houses, civil works, and industrial parks; project management, etc.

In 2023, MST achieved revenue of over VND 1,207 billion and after-tax profit of over VND 68 billion. While revenue exceeded the plan by 10%, profit reached 79% of the target.

This year, the company intensified its commercial activities, collected outstanding debts, and finalized investment projects. Simultaneously, the company maintained the construction progress of the key project, I-Tower Quy Nhon.

For the first nine months of this year, MST Investment achieved revenue of over 859 billion VND and after-tax profit of nearly 12 billion VND, representing decreases of 4% and 78% respectively compared to the same period last year.

The company had outstanding financial debt of over 211 billion VND as of September 30th, against a chartered capital of over 843 billion VND. Its assets largely consist of long-term financial investments – investments in joint ventures and associated companies (accounting for 67%).

Source: https://dantri.com.vn/bat-dong-san/chan-dung-chu-moi-cua-du-an-tung-hut-tay-ba-truong-my-lan-20241217113730516.htm