According to information from Tan Viet Securities Joint Stock Company (TVSI) recently, as a representative of the bond owner, this securities company has sent 3 documents to the Hanoi Stock Exchange (HNX) regarding the report of bond violations of Hoang Son Energy Investment Joint Stock Company (Hoang Son Company), Hoang Son 2 Energy Investment Joint Stock Company (Hoang Son 2 Company) and BB Power Holdings Joint Stock Company (BBPH).
Of which, the bond code HS2.H.20.23.001 of Hoang Son 2 and the bond HSC.H.20.23.001 of Hoang Son Company with outstanding values of nearly VND 339 billion and VND 330 billion respectively; the bond code BBP.H.20.23.001 of BBPH still outstanding is nearly VND 260 billion, all due for payment on March 25, 2025, have not been fully paid to bondholders.
TVSI said that the company received from the organization issuing the amount corresponding to 10% of the bond principal according to the issuance value and interest of 10% of the principal to bondholders on March 25, TVSI also paid the bondholders on the same day. However, this amount of money issued by the issuing organization is not enough according to the announced resolutions. Accordingly, TVSI sent a notice to the above 3 enterprises about the violation event and requested payment of principal and interest of the 3 bond lots.
On March 26, TVSI also sent an official dispatch notifying the bond's maturity, requesting Hoang Son, Hoang Son 2 and BBPH to buy back the bond within 10 working days after receiving the official dispatch.
HS2.H.20.23.001 and HSC.H.20.23.001 bonds issued on the same day, December 25, 2020, each lot has a volume of 5 million bonds, with a face value of VND 100,000/bond. BBP.H.20.23.001 has a volume of 4 million bonds, with a face value of VND 100,000/bond, issued on December 25, 2020. All 3 bond lots were originally scheduled to mature on December 25, 2023, then extended to March 25, 2025.
All three enterprises are located in the energy ecosystem of Mr. Vu Quang Bao. Notably, during the period from June to July 2024, a series of energy enterprises in this ecosystem changed their legal representative from Mr. Vu Quang Bao to other individuals. Of which, there are 3 companies issuing the above bonds.
The inability to pay the bonds on time comes in the context of all 3 businesses continuously losing money for many years. Along with that is the outstanding debt to be paid continuously increasing over the years, while the equity has decreased from a few hundred billion VND to only a few tens of billions of VND in each enterprise.
For example, since its establishment until now, two enterprises in the energy sector of Mr. Vu Quang Bao, Hoang Son Energy Investment Joint Stock Company and Hoang Son 2 Energy Investment Joint Stock Company, have not once reported interest.
According to the latest financial report data released by these two companies in the first 6 months of 2024, the results were both loss-making. Of which, Hoang Son lost 27 billion VND, and lost nearly 32 billion VND in the same period. Hoang Son 2 Company lost more than 27 billion VND, and lost nearly 37 billion VND in the same period. Notably, these two energy enterprises began a period of continuous losses from 2021 to the first half of 2024.
As for BB Power Holdings, according to the business results of the first half of 2024, this company also continued to lose nearly 185 billion VND, the same period lost nearly 377 billion VND. In the period from 2021 to the first 6 months of 2024, BB Power Holdings continuously suffered a total loss of more than 1,156 billion VND.
