Dai Thinh Phat Company continues to delay paying interest on bonds...

According to the investigation, Dai Thinh Phat Construction Investment Joint Stock Company (Dai Thinh Phat Company) was established in 2013, operating mainly in the real estate sector. This unit is headquartered on the 2nd floor, 194 Golden Building, No. 43 Dien Bien Phu Street, Ward 25, Binh Thanh District, Ho Chi Minh City.

During its operation, the company has increased its capital many times and changed its legal representative. Specifically, on May 4, 2017, Dai Thinh Phat Company increased its charter capital from 75 billion VND to more than 85 billion VND. At this time, Mr. Nguyen Da Khoa was the General Director and legal representative. Then, at the end of 2017, Mr. Toan Minh Hiep (born in 1988) replaced Mr. Khoa and concurrently held the position of Chairman of the Board of Directors.

Marina Tower Binh Duong is a project of investor Dai Thinh Phat.

Accordingly, by early 2018, Dai Thinh Phat's charter capital continued to increase to 150 billion VND. By November 2021, Mr. Nguyen Da Khoa once again left the position of legal representative, giving way to Mr. Vo Ho Thi Hoang (born in 1994). And a few months later (ie July 2022), the enterprise continued to increase its charter capital to 600 billion VND, 8 times higher than the capital level at the beginning of 2017, an increase of 450 billion VND compared to the previous capital increase (2018).

Regarding the "delayed debt" of Dai Thinh Phat Company, recently, according to information from the Hanoi Stock Exchange (HNX), Dai Thinh Phat Construction Investment Joint Stock Company has just issued a document announcing unusual information related to the payment of principal and interest of corporate bonds. Specifically, on May 9, 2025, Dai Thinh Phat is due to pay more than 4.8 billion VND in interest for the bond lot coded DPJ12202. However, due to the impact of the prolonged difficult economic situation and the process of restructuring assets and cash flow that has not been completed, the company is currently unable to fulfill its obligation to pay this interest.

According to information from Dai Thinh Phat Company, it has informed investors about the debt repayment plan and is updating the progress periodically. Currently, the company is in the process of negotiating to agree on a plan with investors.

Regarding the DPJ12202 bond lot issued on August 9, 2022 with a total of 4,717 bonds, equivalent to an issuance value of VND 471.7 billion. Initially, the bond term was 2 years, expected to mature on August 9, 2024. However, the enterprise was agreed by bondholders to extend the term by one year, extending the circulation period to August 9, 2025.

Previously, on April 9, 2025, Dai Thinh Phat Company was also late in paying more than VND 5 billion in interest for this same bond lot. Not only that, according to data from HNX, on April 29, 2025, this company continued to be late in paying VND 5.3 billion in interest for the DPJ12201 bond lot. Furthermore, on March 31, 2025, the company also failed to pay nearly VND 5 billion in interest due for the above bond lot.

The DPJ12201 bond lot was issued on July 29, 2022 with a scale of 5,000 bonds, total value of VND 500 billion. This bond lot has also been extended for another 12 months, pushing the new maturity date to July 29, 2025.

Based on the bond payment situation of Dai Thinh Phat Company in 2024, it shows that the enterprise has delayed interest payment for a total of 12 periods for two bond lots DPJ12201 and DPJ12202, with the total amount of late payment up to about 122 billion VND.

Regarding financial information, in 2024, Dai Thinh Phat's equity reached 579 billion VND. In particular, the debt/equity ratio increased from 2.18 times to 2.45 times, equivalent to a total outstanding debt of about 1,419 billion VND. The bond debt/equity ratio also increased from 1.63 times to 1.67 times, corresponding to the outstanding bond value of about 967 billion VND. Regarding business results, in 2024, Dai Thinh Phat recorded a loss of nearly 7.3 billion VND, in stark contrast to the same period last year when the company reported a profit of 9.6 billion VND./.

Source: https://baodaknong.vn/cong-ty-dai-thinh-phat-tiep-tuc-cham-tra-lai-lo-trai-phieu-252385.html