Viet Star – a member of Tan Hoang Minh Group: Deposited a billion dollar auction of Thu Thiem land, huge revenue but heavy loss, debt 8 times higher than equity
Recently, the State Securities Commission has announced the cancellation of 09 bond offerings from July 2021 to March 2022 with a total value of VND 10,030 billion of Vietnamese Star Companies, Winter Palace Company, and the Winter Palace Company. Soleil company belongs to Tan Hoang Minh Group.
According to this agency, Viet Star Real Estate Investment Company Limited (Vietnam Star Company), Winter Palace Joint Stock Company (Winter Palace Company), Investment Joint Stock Company and Soleil Hotel Services (Soleil Company) under Tan Hoang Minh Hotel Service Trading Company Limited (Tan Hoang Minh Group) are unlisted companies, have made 09 bond offerings. individual bonds with a total value of VND 10,030 billion during the period from July 2021 to March 2022. However, These 3 businesses had acts of disclosing false information, hiding information in private placement of bonds; Pursuant to the provisions of the Law on Securities in 2019, Decree No. 153/2020/ND-CP, dated April 3, 2022.
Among the three member enterprises of Tan Hoang Minh that were named above by the State Securities Commission, Star Viet Real Estate Investment Company Limited is the name that has been associated with the noise of dropping Thu Thiem land at the end of the year. 2021 – early 2022. At that time, Viet Star shocked when he accepted to bid up to 24,500 billion VND (nearly 1.1 billion USD) for a land plot of 10,060 m2, or 2.44 billion VND per meter. square.
However, on January 28, 2022, Viet Star Company officially requested to drop the deposit to buy and sell the right to use land lot 3-12 in Thu Thiem New Urban Area (Thu Duc City). Chairman of Tan Hoang Minh – Mr. Do Anh Dung also wrote a letter to request the termination of the contract of sale and purchase of land plot Thu Thiem.
Viet Star Real Estate Investment Company Limited was introduced by Tan Hoang Minh as the Investor of Project D’. Capitale, officially put into operation on April 19, 2016, is located at the 2nd floor, D’.Le Pont D’or Building, Alley 30, Mai Anh Tuan Street, O Cho Dua Ward, Dong Da District, Ha Noi. Interior.
Project D’. Capitale is located on Tran Duy Hung Street (Hanoi) introduced by Tan Hoang Minh as developed by Viet Star Company (Photo: Zing)
By the end of 2020, Vietnamese Star has a charter capital of 1,600 billion VND. In which, Mr. Le Manh Dung holds 95.62% of the capital and Mr. Nguyen Manh Hung owns the remaining 4.38%. On September 27, 2021, the shareholder structure somewhat changed when Hoang Hai Phu Quoc Housing Development Investment Joint Stock Company owned 19.271% of charter capital; Mr. Le Manh Dung owns 80.729% of the remaining capital.
According to Dan Viet, in the period 2016 – 2017, Viet Star Company did not record any revenue. In 2018, the revenue reached 80.3 million VND. In 2019, this business suddenly recorded a sudden increase in revenue, reaching VND 10,036 billion. However, by 2020, the revenue will decline again and decrease by 9,000 billion VND, to the threshold of 783.5 billion VND in 2020.
In terms of profit, Vietnamese Star only recorded a profit in 2019, at VND 271.5 billion. From 2016-2018, Vietnamese Star lost 1.8 billion in turn; 4.2 billion; 10 billion dong. Record in 2020, this business lost 1,003 billion VND.
Accumulation of the last 5 years, Vietnamese Star earned nearly 11,000 billion VND, but reported a cumulative loss of more than 700 billion VND.
The prolonged loss made Vietstar’s equity by the end of 2020 only VND 803.9 billion, significantly down from VND 1,817 billion a year earlier. Meanwhile, payable debt by the end of 2020 is 6,801 billion dong. Thus, the ratio of liabilities/equity of Viet Star reached 8.4 times.
Mr. Do Anh Dung personally joined the Viet Star Company to participate in the Thu Thiem land auction
Recently, this company has recorded many bond issuances as well as secured transactions with banks.
Only in the second quarter of 2021, Viet Star Company successfully mobilized bond lots with a total value of up to VND 2,700 billion. The value of the first phase is 800 billion dong, 48-month term, 12% interest rate for the first 4 payment periods, then floating. The value of the second phase is 1,900 billion dong, 60-month term, 11.5% interest rate.
In September 2021, Viet Star Company made a secured transaction with Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank).
On December 22, 2021, Viet Star Company and the two sons of Chairman Tan Hoang Minh – Mr. Do Anh Dung registered for a secured transaction of nearly 6 million shares of Investment, Development and Trading JSC. Viet Tien with Saigon – Hanoi Commercial Joint Stock Bank (SHB). Including more than 3 million shares owned by Viet Star Company (51%); 2.9 million shares owned by Mr. Do Hoang Minh (ratio of 48.5%) and 29,718 shares owned by Mr. Do Hoang Viet (ratio of 0.5%).
By Business and Marketing
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