Another clean water company related to Aqua One issues 20-year bonds

On April 9, 2025, Xuan Mai - Hanoi Clean Water Transmission Company Limited successfully issued a bond lot with a term of up to 20 years.

Xuan Mai - Hanoi Clean Water Transmission Company Limited has issued 3,172 bonds to the domestic market, with a face value of VND 100 million/bond, equivalent to an issuance value of VND 317.2 billion.

With a maturity of up to 20 years, this series of bonds will mature on April 9, 2045. The announced interest rate is 5.75%/year. The form of security is a payment guarantee.

It is known that the most recent credit rating unit for this enterprise is FiinRatings Joint Stock Company with the most recent rating result at BB level.

Xuan Mai - Hanoi Clean Water Transmission Company Limited was established in January 2022 with an initial charter capital of VND 5 billion, operating in the field of water exploitation, treatment and supply. By August 2024, the company increased its capital twice in a row to VND 299.8 billion and then VND 302.8 billion.

Mr. Dang Huu Tuan (born in 1977) is currently the General Director of Xuan Mai Clean Water Transmission Company - Hanoi. There are 3 individuals representing the owner's capital contribution in this company, including Mr. Pham Manh Hung (60%), Mr. Do Hoang Long (35%) and Ms. Do Thi Kieu Trang (5%). These individuals are all related to the Aqua One ecosystem of Ms. Do Thi Kim Lien (shark Lien).

Specifically, Mr. Pham Manh Hung is known as a senior member of the executive board of AquaOne. Mr. Do Hoang Long is currently the Director and member of the Board of Directors of Phu Yen Water Supply and Drainage JSC - a subsidiary 59.64% owned by Aqua One. Mr. Long also holds management positions at Aqua One Hau Giang Water JSC and Duong River Surface Water JSC.

Ms. Do Thi Kieu Trang is also a member of the Board of Supervisors at Phu Yen Water Supply and Drainage JSC, and also holds the position of Member of the Board of Directors/Board of Supervisors at AquaOne Water JSC, AquaOne Long An Water JSC and Duong River Surface Water JSC.

In addition to the newly issued bond lot of Xuan Mai - Hanoi Clean Water Transmission Company, a member of AquaOne also issued a green bond lot in November 2024, which is Hoa Binh - Xuan Mai Clean Water Company Limited. Similarly, the bond lot of Hoa Binh - Xuan Mai Clean Water Company Limited also has a term of 20 years and an interest rate of 5.75%, with an issuance value of VND 875.1 billion.

Notably, after issuing the above bond lot in November 2024, this company turned around and reported a loss of more than VND 2.3 billion in 2024. In 2023, the company still made a profit of more than VND 1.79 billion. Accumulated loss by the end of 2024 was VND 5.2 billion.

By the end of 2024, the company's equity was at VND 175 billion, while liabilities amounted to VND 862.9 billion, including VND 850.6 billion in debt from bond issuance. Thus, liabilities are 4.9 times higher than equity.

Source: https://baodautu.vn/them-mot-cong-ty-nuoc-sach-lien-quan-aqua-one-phat-hanh-trai-phieu-ky-han-20-nam-d269331.html