The No Va Real Estate Investment Group Joint Stock Company (Novaland) has announced a decision to use assets to secure loans for its subsidiaries. Novaland will use its equity contribution of 5.4707 trillion VND (98.087% of charter capital) in the No Va Real Estate Investment JSC (NVL JSC) to secure a maximum loan of 2 trillion VND from Military Commercial Joint Stock Bank (MB). Additionally, it will use its equity contribution of over 2.0194 trillion VND (53.996% of charter capital) in Gia Duc Real Estate LLC to guarantee a maximum loan of 1.5 trillion VND from MB. The purpose of these loans is to finance the high-end commercial service urban area project Cù Lao Phước Hưng in Biên Hòa, Dong Nai, part of Novaland’s 1,000-ha Aqua urban project. Furthermore, Novaland is restructuring a convertible bond package worth 335.26 million USD and has received agreement from 76.96% of bondholders on the proposal to waive violations due to delayed interest payments.
Leave a Reply