Major banks lower the price of PVE’s hundred billion assets at PVGas Tower
May 30, 2022 14:29 GMT+7
From the starting price of more than 419 billion VND advertised in November 2021, up to now this debt has been reduced by the bank to more than 270 billion VND but has not yet found a buyer.
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has recently announced the auction of collateral assets to recover bad debts of customers, the Petroleum Design Consultancy Corporation (PVE).
PVE is a member company of the Vietnam Oil and Gas Group (PVN), this business operates in the field of design consultancy for oil and gas projects, power plants, industrial and civil projects in Vietnam. , foreign.
The corporation is currently listing shares on UPCoM with stock code PVE. However, this stock is currently in restricted trading due to the delay in announcing the financial statements for 2021. PVE’s share price is currently only 4,900 VND/share.
About PVE’s collateral at Vietcombank to be auctioned is the property mortgaged by PVE for 8 credit contracts signed with Vietcombank in the period from 2011 to 2020.
Notably, the collateral is not a tangible asset but a “property right according to/arising corresponding to 20% of PVE’s capital contribution from the business cooperation contract in 2009 between PetroVietnam Gas Corporation and PetroVietnam Gas Corporation. Vietnam – Joint Stock Company (PV Gas), Vietnam Oil and Gas Construction Corporation (PVC), Phu Long Real Estate Joint Stock Company (PL Co) and PVE to build Dragon Tower office building (now renamed as PVGas Tower) at address 673 Nguyen Huu Tho, Phuoc Kien commune, Nha Be district, HCMC.
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| PVGas Tower. |
It is known that PVGas Tower has officially come into operation since July 2011. The investor of the project is a joint venture between PV GAS, PVE and Phu Long Real Estate Joint Stock Company. This is a project with the signboard “Work to celebrate the 50th anniversary of the traditional day of Vietnam’s oil and gas industry”.
PV Gas Tower office building project has a total investment of more than 800 billion VND. The capital contribution ratio of partners in PVGas Tower project includes: PVGas 70%, PVE 20%, Phu Long Real Estate 10%.
The building is 15 floors high, located on a land area of 7,441m2, commercial and service floor area 8,680 m2, office floor area for rent 22,615 m2.
Vietcombank said the starting price for the auctioned asset is VND 270,656 billion. Notably, this is not the first time the bank has offered this property for sale. Previously, in November 2021, Vietcombank once offered to sell this property for more than 419 billion VND. Thus, after only half a year, the bank had to lower prices by 35% in an effort to recover bad debts.
According to Vietcombank’s announcement, the auction winner is responsible for inheriting all rights and obligations within the capital contribution and under the business cooperation contract No. 42b/2009/BCC/PVGAS-PVC-PLC dated 25 April 2009, the attached contract annexes of the Petroleum Design Consultancy Corporation – Joint Stock Company at the project, enjoy profits, amortization, share, bear the losses and risks from project business activities according to the proportion of contributed capital from the time of signing the appendix to the business cooperation contract to recognize the auction winner as a party to the partnership on behalf of PVE.
Ngan Giang
at Blogtuan.info – Source: infonet.vietnamnet.vn – Read the original article here
