Portrait of the new owner of the project that "failed" Ms. Truong My Lan

(Dan Tri) - MST Investment Company won the auction for all of Greenhill Village Company's debt at VietinBank . This company has the Greenhill Village tourist area project in Quy Nhon, Binh Dinh.

The deal took place 2 days before Ms. Truong My Lan was prosecuted.

Greenhill Quy Nhon project once appeared in the investigation conclusion of the case that occurred at Van Thinh Phat Group.

Accordingly, on October 5, 2022, Ms. Truong My Lan gave 14.5 million USD (equivalent to 350 billion VND) to Mr. Ta Hung Quoc Viet - General Director of Greenhill Village Joint Stock Company. The purpose is to receive the transfer of the Greenhill Quy Nhon project invested by Greenhill Village Company.

Two days later, Ms. Lan was prosecuted and temporarily detained. Mr. Viet returned the money that Ms. Lan gave to the investigation agency.

Greenhill Village Company was established in 2018, is the investor of Greenhill Village Quy Nhon Resort project. The project has a total area of ​​nearly 17 hectares, built on the Quy Nhon - Song Cau route, Ghenh Rang ward, Quy Nhon city, Binh Dinh province.

Perspective of Greenhill Village project (Photo: VC2).

In September 2022, the project was approved to adjust the investment policy to increase the investment capital by 10 times, reaching nearly 2,600 billion VND. The investment period was also changed, instead of completing in the second quarter of 2022, it was extended to the second quarter of 2024. The project includes 500 apartments, 145 villas and 5 bungalows.

In 2021-2022, Greenhill Village has raised 2 bonds, with a total value of more than 385 billion VND. The first batch was issued in May 2021, worth 180 billion VND, maturing in November 2022.

The collateral is the land use rights and assets attached to the land, assets formed in the future in Ghenh Rang, Quy Nhon City (possibly the Greenhill Village Quy Nhon project).

The second batch worth VND205.3 billion will be issued in January 2022 and mature in January 2024. Both batches of bonds will be mobilized at a fixed interest rate of 11%/year.

Portrait of the new owner - MST Investment Company

Greenhill Village Company has a debt at Vietnam Joint Stock Commercial Bank for Industry and Trade - Thu Thiem Branch (VietinBank Thu Thiem). The outstanding principal, interest and overdue interest as of May 14 is 495 billion VND. The bank announced the auction of this debt at the end of May.

In early December, MST Investment Joint Stock Company (stock code: MST) announced that it was the winning bidder for the entire value of Greenhill Village Company's debt at VietinBank. The total value of the auction was 410 billion VND. It is known that the collateral for this debt is the entire benefit obtained from exploiting the value of land use rights of the Greenhill Village tourist area project.

Greenhill Village project started construction in 2023 (Photo: VC2).

This is not the first time MST has been involved in the Greenhill Village project. In 2023, the company, together with Vina2 Investment and Construction Joint Stock Company (stock code: VC2, MST owns more than 37% of the capital), announced the plan to jointly buy 18% of the capital of Greenhill Village Company, with an expected investment of VND 198 billion. As of September 30 this year, MST has realized this plan.

By September 2023, the project will start construction, with MST as the developer and Vina2 as the general contractor.

In early November, MST approved the policy of signing an EPC general contractor contract to supply equipment and materials and construct the Greenhill Village Quy Nhon tourist area. In which, the contracting party (investor) is Greenhill Village Company, the contractor is MST. The contract value is more than 2,014 billion VND (excluding VAT 10%). Construction time is 5 years.

MST Investment Company, formerly Construction Joint Stock Company 1.1.6.8, was established in 2009. The company listed MST shares on the Hanoi Stock Exchange (HNX) in 2016. The main business lines are construction of houses, civil works, industrial parks; project management...

In 2023, MST will achieve revenue of more than VND 1,207 billion, profit after tax of more than VND 68 billion. While revenue exceeded the plan by 10%, profit was completed by 79%.

During this year, the company promoted commercial activities, debt collection and investment project settlement. At the same time, the company maintained the construction progress of the key project I-Tower Quy Nhon.

In the first 9 months of this year, MST Investment achieved revenue of more than VND 859 billion, after-tax profit of nearly VND 12 billion, down 4% and 78% respectively compared to the same period last year.

The company had financial debt of more than VND211 billion as of September 30, on a charter capital of more than VND843 billion. The majority of assets are long-term financial investments - investments in joint ventures (accounting for 67%).

Source: https://dantri.com.vn/bat-dong-san/chan-dung-chu-moi-cua-du-an-tung-hut-tay-ba-truong-my-lan-20241217113730516.htm