OceanBank auctions Dagatex's nearly 1,300 billion VND debt

Ocean Commercial Joint Stock Bank (OceanBank) has just announced the auction of the debt of Dong A Textile and Garment Joint Stock Company (Dagatex).

Oceanbank informed that Dagatex's total debt obligation at the bank as of December 22, 2023 is 1,297 billion VND. Of which, the principal balance is 405 billion VND, nearly 522 billion VND in interest and a total penalty of 370 billion VND.

Assets securing Dong A Textile's bad debt include: 3.6 million shares of Phuc Thinh Investment JSC held by Dong A Textile;

All assets, property rights that have been, are being and will be formed in the future from the Investment Project to build a commercial service area combined with high-rise housing, with the Project implementation location at: No. 185-189 Au Co, Ward 14, District 11, Ho Chi Minh City, invested by Dong A Textile and located on a land area of 27,620m2;

Land use rights for lease of 50,000m2 and assets attached to the land at Nhon Trach Textile Industrial Park, Dong Nai province with a lease term until September 12, 2053, the purpose of the lease is to build a factory under license (textile);

The right to use agricultural land (total area of 78,430m2) in Tan Phu Trung commune, Cu Chi district includes 7 land use right certificates in the names of 7 farming households and minutes of money transfer and receipt, minutes of damage inventory, minutes of compensation negotiation.

This is the 7th time Dagatex's debt has been auctioned. At this auction, the bank set a starting price for this debt of only 479 billion VND, only 37% of the total outstanding debt and a sharp decrease compared to 2020 when the starting price was nearly 1,000 billion.

Finance - Banking - OceanBank auctions Dagatex's debt of nearly 1,300 billion VND

The auction will be held at 2:00 p.m. on February 1, 2024 at the Ho Chi Minh City Property Auction Service Center located at 19/5 Hoang Viet, Ward 4, Tan Binh District, Ho Chi Minh City.

Individuals and organizations that are qualified to purchase assets in accordance with the provisions of law may register to participate in the auction by submitting valid auction participation documents and paying a deposit to the asset auction organization in accordance with the provisions. In cases where the law stipulates conditions for participating in the auction, auction participants must satisfy those conditions.

Dong A Textile Joint Stock Company, formerly Dong A Textile Industry of Chinese private sector, was established in 1960, specializing in textile production, dyeing and printing.

On March 21, 2001, the Board of Directors of Vietnam Textile and Garment Corporation (now Vietnam Textile and Garment Group) issued Decision No. 287/QD-HDQT to change the name of Dong A Textile Company to Dong A Textile and Garment Company.

On December 13, 2006, the Ministry of Industry (now the Ministry of Industry and Trade) decided to approve the plan and convert Dong A Textile and Garment Company into Dong A Textile and Garment Joint Stock Company.

The company's business lines are production of all kinds of fabrics and clothes; production of materials and spare parts for the textile and garment industry; general business: products, materials, spare parts, chemicals, dyes and raw materials for the textile, dyeing and sewing industries; trading in construction materials and handicrafts ...

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