PVR Hanoi Joint Stock Company (PVR Hanoi - stock code: PVR) has just announced information about people related to the Board of Directors.
Specifically, Ms. Tran Thi Tham, wife of Mr. Bui Van Phu - Chairman of the Board of Directors of PVR Hanoi - registered to sell all of her nearly 12.5 million shares, equivalent to 24.05% of the company's capital, to restructure the investment portfolio. The implementation period is from May 15 to June 13, by negotiation and order matching.
Mr. Bui Van Phu currently owns 5.23% of the company, equivalent to more than 2.7 million shares. If the transaction is successful, Ms. Tham will no longer be a shareholder of this company.
On the stock exchange, PVR shares are currently subject to trading restrictions due to the temporary suspension of business operations. The stock price was VND1,100/share at the closing time of May 14 and there were almost no transactions. With this price, Ms. Tham currently owns assets worth more than VND13.7 billion in PVR shares.
In August 2024, Ms. Tham also registered to sell all of these shares, but could not do so due to lack of liquidity.
Last December, the company decided to cease operations and will register to cease operations from January 1, 2025 until the end of the year.
Previously, at the end of October 2023, the company's bank accounts were frozen by 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 company announced that it would temporarily suspend business operations from November 15, 2023 to November 14, 2024, citing the need to reorganize its staff and find new business directions.
In the submission to the General Meeting of Shareholders in December 2024, the company said that there was no more funding to maintain operations, funding to pay remuneration and salaries to the Board of Directors, Board of Directors, and staff, so all staff had 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.
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).
The resolution of the 2025 Annual General Meeting of Shareholders in April showed that the company's investment projects have not shown any signs of progress. The Tan Vien High-end International Tourism Project has been revoked, the company has stopped all activities and terminated its investment.
The CT10-11 Van Phu project (commercial name: Hanoi Time Tower), Ha Dong, Hanoi City is still under construction. The company is looking for capital to carry out the project. Meanwhile, customers are determined not to pay because the project is too slow, requesting to withdraw capital, liquidate the contract, and impose penalties for breach of contract.
The large investment at Binh An Investment Joint Stock Company related to Project No. 9 Tran Thanh Tong has not yet found a partner to buy/transfer equity capital.
Due to the suspension of business, PVR Hanoi did not record revenue from core business activities in the first quarter. Financial revenue was recorded at only VND48,000, while financial expenses were nearly VND322 million and management expenses were nearly VND61 million. As a result, the company suffered a net loss of nearly VND383 million.
As of March 31, the company's total assets were recorded at VND976 billion, but cash in the fund was only VND92 million. Most of the assets were inventories with a closing balance of VND693 billion (accounting for 71%), mainly in the Hanoi Time Tower project. In addition, the company also invested and contributed capital to another unit worth more than VND231 billion.
Regarding capital sources, PVR Hanoi still has a prepayment of nearly 257 billion VND received from buyers in 2021 arising from the Hanoi Time Tower project. This project has been behind schedule since 2013 and is still temporarily suspended.
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.
Source: https://dantri.com.vn/kinh-doanh/vo-chu-tich-cong-ty-lam-du-an-hanoi-time-tower-muon-ban-sach-24-co-phan-20250515093339285.htm
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