The investor of the Trung Minh A new urban area project (trade name is Casa Del Rio urban resort complex) owes 27.54 times more equity, equivalent to 4,320 billion VND.
Trung Minh New Urban Area Company Limited (Trung Minh Company) has just announced periodic information about the financial situation in 2023, sent to the Hanoi Stock Exchange (HNX).
The data shows that Trung Minh Company recorded poor business results, reporting a loss for the second consecutive year. Specifically, this real estate business reported a loss of 6.7 billion VND in 2023, this figure in 2022 is a loss of 9.1 billion VND.
Some basic financial indicators of Trung Minh company. Source: HNX
As of December 31, 2023, the enterprise’s equity is 156.8 billion VND, and by the end of 2022 it will be 163 billion VND.
Along with that, the debt/equity ratio increased sharply from 6.8 times (equivalent to VND 1,113 billion) at the end of 2022 to 27.54 times (equivalent to VND 4,320 billion) by December 31. /2023. Thus, in 2023, Trung Minh Company’s outstanding debt has increased by more than 3,200 billion VND.
Regarding outstanding bond debt, at the end of 2022, the enterprise has no outstanding bond debt, but this number at the end of 2023 is VND 1,900 billion.
It is known that in 2023 the company will successfully issue 5 lots of bonds with a total issuance value of 1,900 billion VND. The term of these 5 lots of bonds is 60 months from the date of issuance, the interest rate for all 5 lots is 12.5%/year.
Looking up data from HNX shows that from June to December 2023, Trung Minh company successfully issued 5 bond lots in a row, including: TMCCH2328001, TMCCH2328002, TMCCH2328003, TMCCH2328004 and TMCCH2328005. While the first 4 bond lots are worth 300 billion VND/lot, the TMCCH2328005 bond lot is worth 700 billion VND.
Bond lots of Trung Minh Company. Source: HNX
According to research, Trung Minh Company was established on February 21, 2020. Head office address is at Xom Rut, Tan Vinh commune, Luong Son district, Hoa Binh province. The enterprise operates mainly in the field of real estate business.
At the time of establishment, the company had a charter capital of 186 billion VND. Of which, Vietnam Financial Investment Group Joint Stock Company (VFI) owns 40% and New House Trading Joint Stock Company (New House) owns 60% of the shares.
List of members contributing capital to Trung Minh Company. Currently, the legal representative of the enterprise is General Director Nguyen Thu Thuy (born in 1986).
Trung Minh Company is known as the investor of the Trung Minh A new urban area project (trade name is Casa Del Rio urban resort complex) located close to Ky Son intersection, on National Highway 6, Trung Minh ward, Hoa Binh city. Casa Del Rio is a component project in Trung Minh New Urban Area, with an area of 83.54 hectares, total investment capital of 1,126 billion VND; The rest belongs to Trung Minh B new urban area (58.87ha).
By 2022, the People’s Committee of Hoa Binh province issued Decision No. 1316/QD-UBND on changing land use purposes and land allocation (phase 1) to Trung Minh New Urban Area Co., Ltd. to implement the Urban Area project. new town Trung Minh A.
In particular, changing the use purpose of 16 hectares of land in phase 1 to the following types of land: 8.6 hectares of urban residential land; traffic land 3.4 hectares; Land for construction of educational and training facilities: 0.4 ha; Land for public entertainment and recreation area: 0.8 ha; land with specialized water surface of 2.6 hectares.
By May 2023, the People’s Committee of Hoa Binh province has agreed to extend the contract implementation time for the Trung Minh A New Urban Area project, the extension period is 24 months from May 11, 2023.
By November 2023, the People’s Committee of Hoa Binh province adjusted and allocated more than 20 hectares of land to Minh Trung company, of which 10.8 hectares collected land use fees and 9.5 hectares did not collect land use fees.
