Van Phu Real Estate Joint Stock Company (stock code: VPI) announced the issuance of privately placed bonds worth up to VND 135 billion, according to the Board of Directors’ resolution dated October 27, 2025. Van Phu uses VPI shares owned by Chairman To Nhu Toan and THG Holdings as collateral for these bonds. To Nhu Toan holds 22.68% of Van Phu’s capital with 72.6 million shares, while THG Holdings holds 21.27%. The Board also decided to adjust a partnership contract with Van Phu Bac Ai, a subsidiary that holds 60% of the operational and voting rights. The company reported VND 2,281 billion in production costs pending at a project connecting Pham Van Dong Road, which are used as collateral for loans and bond debts.
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