BIDV for sale 11 times, reducing the price of 1,000 billion dong of debt of Ngoc Linh Company

BIDV (HoSE: BID) announces the 11th offering of debt of Ngoc Linh Co., Ltd. As of April 30, the total outstanding debt is currently 2,198.4 billion VND and more than 20 million USD (equivalent to about 463 billion VND).

In which, the outstanding principal is 1,110 billion VND and 11.8 million USD; outstanding balance of interest and penalty fees is more than 1,088 billion VND and 8.1 million USD. The starting price of BIDV’s auction is more than 1,154 billion VND.

At the first announcement of the sale at the end of 2020, the starting price was 2,100 billion, after 11 announcements, the bank reduced the auction price by more than 1,000 billion.

The collateral for the debt of Ngoc Linh company is more than 64 hectares of Bac Kan lead-zinc electrolysis plant in Ban Cuon 2 village, Ngoc Phai commune, Cho Don district, Bac Kan province. In which assets include project works, buildings, construction works, other real estate attached to land, vehicles, machinery, equipment and any other real estate built.. .

In addition, the assets are all raw material mines, the right to use and exploit the resources of the raw material mines, the ore sorting plant, all the machinery and equipment for the operation of the plant…

Overall project scale of Bac Kan lead-zinc electrolysis plant. Photo: Ngoc Linh Co., Ltd

Collateral also includes the right to exploit Bo Dou lead-zinc mine in Dong Lac and Nam Cuong communes, Cho Don district, Bac Kan province and a black Lexus LS 460, manufactured in 2007.

Besides, the collateral also has two other real estates including the right to use 14,500 m2 of land in Lac Hong commune, My Van district, Hung Yen province (agricultural land, currently no land use right certificate). , land use rights and assets attached to land of Mr. Vu Duc Tuan and Ms. Tran Thi Vui at 381 Giai Phong street, Phuong Liet ward, Thanh Xuan district, Hanoi.

Ngoc Linh Co., Ltd was established at the end of 1993, the head office is located at 381 Giai Phong street, Phuong Liet ward, Thanh Xuan district, Hanoi city. The director and legal representative is Mr. Vu Duc Tuan (born 1953).

The company’s project of Bac Kan lead-zinc electrolysis plant with a capacity of 30,000 tons/year was granted an investment certificate by the People’s Committee of Bac Kan province in 2007 with a total investment of VND 789 billion, after many adjustments of the project investment capital. The project has reached more than 2,100 billion VND.

In the period of 2018-2019, the company put the factory into trial operation twice, but then stopped production due to lack of raw materials and had to recalibrate technological norms and repair equipment.

Enterprises acknowledge difficulties because the mine has not been granted a mine to operate, while the investment and construction of the plant has exhausted its capital. After 15 years from the date of investment approval, the project has not been put into operation yet. official.

In addition to the field of mining, processing and trading in minerals, Ngoc Linh Company is also involved in the field of real estate, is the investor of a mixed-use commercial, public service and housing project at No. 161 Yen Phu, Yen Phu ward, Tay Ho district, Hanoi. The project has not been started for many years due to problems in compensation and site clearance.