(Dan Tri) - This company has requested to stop operating for the third consecutive year, even though it is holding nearly 257 billion VND from customers who bought apartments at the project.
PVR Hanoi Investment Joint Stock Company (stock code: PVR) has just announced unusual information about its decision to stop business operations. The company will register to stop business operations from January 1, 2025 until the end of the year.
The reason given by Mr. Bui Van Phu, Chairman of the Board of Directors, is that there is no funding to maintain operations. The company needs to rearrange its personnel and seek new solutions and business directions to overcome the current difficult period.
Previously, at the end of October 2023, this enterprise informed that its bank accounts were frozen according to a court decision due to a dispute with the Vietnam Oil and Gas Construction Joint Stock Corporation (stock code: PVX). On October 31, 2023, the enterprise announced that it would temporarily suspend business operations from November 15, 2023 to November 14, 2024 for the same reason of rearranging personnel and finding new business directions.
However, the company registered to resume operations ahead of schedule from September 19 because the Board of Directors needs to organize the 2024 Annual General Meeting of Shareholders and rearrange the personnel structure to prepare for the upcoming production and business plan.
In the report submitted to the General Meeting of Shareholders, this enterprise said that the company no longer has funds to maintain operations, funds to pay remuneration and salaries to the Board of Directors, Board of Directors, and staff, so all staff have resigned.
The enterprise only has the board of directors, general director, and chief accountant working 2 days/week to perform some periodic tasks such as preparing and submitting reports to departments and branches according to regulations and finding business plans and financial resources to serve production and business.
According to the verdict dated March 12, the Thanh Xuan District People's Court, Hanoi decided to accept part of the lawsuit of the Vietnam Oil and Gas Construction Joint Stock Corporation and forced the company to pay a total of VND49 billion. This debt includes VND37.4 billion in debt under the share transfer contract and VND11.6 billion in debt for dividends.
In a report to the Board of Directors, Mr. Bui Van Phu said that the company has no more money and cannot borrow from any credit institutions, partners or individuals. The company's management board said that it needs more time to research and come up with solutions and directions for operations such as finding partners capable of supporting capital investment, business cooperation or project transfer, and divestment from some units to recover capital to pay off debts.
Hanoi Time Tower project (Photo: Tran Khang).
By the end of September, the company had accumulated losses of more than VND88 billion. Total assets were more than VND976 billion, unchanged from the beginning of the year. Notably, cash and bank deposits were only nearly VND104 million and nearly VND693 billion were inventories at the Van Phu urban area project.
The Hanoi Time Tower high-rise apartment and commercial service project in Van Phu New Urban Area (commercial name Hanoi Time Tower), Ha Dong District, Hanoi City, started construction in 2010 and was expected to be completed in 2013, but is still unfinished.
According to the original design, Hanoi Time Tower had a total investment capital of nearly 1,500 billion VND, invested by Vietnam Oil and Gas High-class Service Trading Joint Stock Company, now renamed PVR Hanoi Investment Joint Stock Company. The project was built on an area of over 7,000m2, including 41 floors, including 39 above-ground floors and 2 basements, with a total construction floor area of nearly 110,000m2.
As of September 30, this company still owed customers who bought apartments at the Van Phu project up to VND256.6 billion. This debt accounted for nearly 50% of the company's short-term debt.
The company owes customers up to 256.6 billion VND for prepayment for apartment purchases (Screenshot).
PVR Hanoi, formerly Tan Vien Petroleum Joint Stock Company, was established in November 2006, with the main goal of developing the Suoi Hai Lake project, Tan Vien, Ha Tay (now part of Hanoi) into a resort . At this time, the enterprise was identified as a real estate business unit of the Vietnam Oil and Gas Group.
In addition to the Hanoi Time Tower project, the company also developed the Tan Vien High-end International Tourism Project (later renamed the Ba Vi High-end International Tourism Project). However, on July 20, 2019, the Hanoi Department of Planning and Investment announced the termination of the project and revoked the investment certificate.
The company's stock price is currently only 1,000 VND. The stock code PVR is also under warning and trading restrictions by the Hanoi Stock Exchange.
Source: https://dantri.com.vn/bat-dong-san/het-tien-chu-du-an-ha-noi-time-tower-xin-dung-hoat-dong-nam-2025-20241220180932611.htm
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