The company of the tycoon Duong "beer" gilded the hotel and lost more than 20 billion VND.

Duong Man Joint Stock Company reported to the Hanoi Stock Exchange (HNX) a loss of more than VND20 billion in the first half of the year. The company has a debt/equity ratio of more than 21 times, equivalent to a total debt payable at the end of the second quarter of 2024 of VND1,130 billion. Of which, the outstanding bond balance is VND200 billion.

Duong Man's business results reported to HNX in the first 6 months of the year (Screenshot).

Duong Man has a batch of outstanding bonds worth VND200 billion, issued from November 20, 2017, with a term of 7 years. The bonds have a fixed interest rate of 10.75%/year in the first period, then floating, adjusted every 3 months. The purpose of capital mobilization is to supplement capital for investment activities in 2 gold plating lines, basic construction and increase the scale of the enterprise's operating capital.

In the past 6 months, Duong Man has failed to pay 2 bond interest installments, worth more than 12.5 billion VND. The reason is that the company has not been able to arrange payment sources on the scheduled payment date.

Previously, in 2023, Duong Man also lost nearly 51 billion VND, extending the loss of 33.5 billion VND in 2022. The company also delayed bond interest payments worth about 25 billion VND 4 times in the year and delayed principal payments of 100 billion VND 1 time. The reason given was that the company had not arranged enough payment sources.

Beer tycoon Duong (Photo: Manh Quan).

According to the introduction, Duong Man is a company under Hoa Binh Group with Mr. Nguyen Huu Duong as Chairman of the Board of Directors. Duong Man produces malt - the main ingredient for beer production and is one of the official Malt suppliers for Saigon Beer - Alcohol - Beverage Corporation (Sabeco). Mr. Nguyen Huu Duong (Duong "beer" tycoon) is also famous for the gold-plated hotel project Dolce by Wyndham Hanoi Golden Lake next to Giang Vo Lake (Dong Da, Hanoi).

In early 2023, Mr. Duong "bia" put this hotel up for sale through a competitive offering. The starting price was 250 million USD, equivalent to about 5,830 billion VND. Around October of the same year, Mr. Duong announced that he would stop selling the hotel due to the less difficult business situation.

Source: https://dantri.com.vn/kinh-doanh/cong-ty-cua-dai-gia-duong-bia-dat-vang-khach-san-lo-hon-20-ty-dong-20240823085417646.htm