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| VNDirect's 2025 annual general meeting of shareholders held this afternoon (May 28) |
Sharing at the 2025 annual general meeting of shareholders held on the afternoon of May 28, Ms. Pham Minh Huong - Chairwoman of the Board of Directors of VNDirect Securities Joint Stock Company (VND) said that in the coming time, VNDirect will establish a working team to prepare to help BKAV Antivirus Software Joint Stock Company (BKAV Pro).
Four years ago, VNDirect was a securities company participating in the BKPCB2124001 bond offering issued by BKAV Pro, including the role of offering document consultant, bondholder representative, depository and payment registration agent and underwriting role. The BKPCB2124001 bond lot worth VND 170 billion was issued privately on May 26, 2021, with a fixed interest rate of 10.5%/year for the first year and floating with a margin of 4.5%/year and the reference interest rate. The collateral at that time included more than 5.4 million BKAV Pro shares owned by the parent company, BKAV JSC, worth more than VND 969 billion (about VND 178,000/share) and 4.9 million BKAV JSC shares owned by Mr. Nguyen Tu Quang.
The bond has a term of 3 years. However, at the bondholders' conference held on May 23, 2024, three days before the maturity date, the bondholders agreed to change the terms of the bond by extending the term to 4 years. The interest rate for the extension year is 11%/year. The collateral is also larger than before, including more than 6.1 million BKAV Pro shares owned by BKAV and all of Nguyen Tu Quang's capital contribution at Vietnam Digital Transformation Platform Company Limited (DXP).
At the same time, VNDirect - the representative of bondholders is entitled to request companies including BKAV Pro, BKAV JSC and DXP to report on the situation of revenue, expenditure and maximum cash flow accumulation within the ability to pay principal and interest to ensure a minimum of VND 1.5 billion/month in BKAV Pro's securities account opened at VNDirect.
However, it is worth noting that on March 25, 2025, VNDirect sent a report to HNX stating that BKAV Pro had violated its obligations by not fulfilling its obligation to accumulate a minimum amount of VND 4.5 billion in three periods from December 2024 to February 2025. A day earlier, VNDirect sent an official dispatch requesting BKAV Pro to send a list of bondholders so that VNDirect could report the violation directly to investors.
To date, two days after the maturity date, there has been no further information on the HNX website about the status of this bond lot. The latest update from BKAV Pro was in April 2025 when the organization said that it had repurchased bonds worth VND6.7 billion, equivalent to less than 4% of the total bond value of the offering. With information from VNDirect's leaders at the recent General Meeting, it is highly likely that BKAV Pro's bond lot has not been settled.
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| VNDirect introduces bond products issued by BKAV Pro |
“BKAV is having trouble packaging technology products to bring to market or BKAV has not solved the problem of connecting global knowledge to solve the problems of current corporate customers,” the Chairman of VNDirect explained the difficulties in paying off BKAV Pro’s maturing bonds. At the same time, the head of VNDirect said that the need for digital transformation and technology application is still very large in the current context. At the same time, VNDirect has gained a lot of experience after each time helping businesses .
A late-payment bond was also the topic that VNDirect shareholders were most concerned about at last year's shareholders' meeting. At that time, VNDirect's Chairman admitted that the company would suffer losses if risks occurred when talking about the bonds issued by Trung Nam Group: not that there were none, but it would not be large .
“Everything we do is limited enough to take into account the worst case scenario. VNDirect has the ability to generate sustainable profits. The company has currently set aside uncollected profits. The setting aside is an organizational discipline to not be too optimistic with the numbers and to record the appropriate provisions,” Ms. Huong said at that time.
In fact, the 2024 business results show that the increased provision expenses are also one of the reasons why the company missed the 2024 profit target despite reaching the revenue target. According to the audited financial report, VNDirect had to record about 200 billion VND in provision expenses, including the provision for bad debts on interest from financial assets and receivables and the provision and handling of bad debts on securities services.
Providing further updates on the situation of Trung Nam Group at the General Meeting, Mr. Nguyen Vu Long - General Director of VNDirect said that this enterprise has passed the most difficult period, when the obstacles are gradually being resolved. "Trung Nam cannot pay principal and interest due to cash flow disruption, legal difficulties for the project... The enterprise needs more time to resolve, maybe another 1-2 years for them to regain liquidity. For bondholders, we will have a way to help the enterprise go through this final difficult period", Mr. Long stated.
According to the CEO of VNDirect, the newly issued Resolution 68 creates motivation for private enterprises. Trung Nam is a leading enterprise in the field of road and bridge construction and energy development. Trung Nam's large asset portfolio and experience in infrastructure projects are not easy for a business to have in a few years.
Source: https://baodautu.vn/lanh-dao-vndirect-noi-gi-ve-cac-khoan-trai-phieu-cham-tra-cua-trung-nam-bkav-pro-d292501.html
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