Mr. Nguyen Tu Quang's anti-virus company sells assets to pay off bond debt

The assets will find a 'new owner', including more than 6.1 million Bkav Pro shares owned by Bkav Joint Stock Company and 4.9 million Bkav Joint Stock Company shares owned by Mr. Nguyen Tu Quang.

Mr. Nguyen Tu Quang - Photo: BKAV

Bkav Antivirus Software Joint Stock Company (Bkav Pro) has just announced the bondholders' conference resolution with notable content.

Accordingly, the resolution approved the contents allowing Bkav Pro to re-evaluate the collateral assets of bond lot BKPCB2124001 to determine the handling plan.

The scope of assets to be revalued includes: more than 6.1 million Bkav Pro shares owned by Bkav Joint Stock Company and 4.9 million Bkav Joint Stock Company shares owned by Mr. Nguyen Tu Quang.

The resolution states that within 30 days from July 24, Bkav Pro must find a partner to sell its assets, with the condition that the proceeds plus the arrangement to pay the debt must be at least equal to the remaining unpaid obligation.

In case the above time limit is exceeded but the sale is not successful, the asset management organization will continue to convene a bondholder meeting to consider the next plan.

Bond lot BKPCB2124001 was issued in May 2021, mobilizing 170 billion VND, interest rate of 10.5%/year in the first year, floating in the following years according to the average 12-month interest rate of the "Big 4" banking group plus 4.5% (not lower than 10.5%).

Bkav Pro said the money from the bond issuance will be used to expand and develop AI View cameras, invest in digital transformation, and partly develop affordable Bphone smartphones with the goal of popularizing the market and reaching more customer segments.

Last May, the company was approved by bondholders to extend the bond for another year, with the new maturity date being May 26, 2025. The interest rate during the 1-year extension period is 11%/year.

At the same time, the issuing company also amended and supplemented the terms on the collateral of the bond lot, including Bkav Pro shares owned by the parent company Bkav Joint Stock Company and the entire capital contribution under the name of Chairman Nguyen Tu Quang, at Vietnam Digital Transformation Platform Company Limited (DXP Company).

Bondholders have the right to request Bkav Pro, Bkav and DXP to report revenue and expenditure, and accumulate cash flow of at least VND 1.5 billion/month into their accounts at VNDirect.

In early 2024, VNDirect - the bondholder representative reported a violation because Bkav Pro did not accumulate the minimum amount in January and requested the company to make additional payments within 15 days from February 14.

How is Mr. Nguyen Tu Quang's business doing?

Bkav Pro was established in March 2018 with a charter capital of 50 billion VND. At that time, there were three founding shareholders: Bkav Joint Stock Company contributed 96% of the capital, Mr. Vu Ngoc Son (former general director) 2%, and Ms. Lai Thu Hang 2%.

By August 2018, Bkav Pro increased its charter capital to VND100 billion with the shareholder structure unchanged. In October 2018, Bkav Joint Stock Company reduced its ownership ratio to 83.96%, while the capital of the two individuals remained the same. By June 2020, Bkav Pro continued to increase its capital to VND120 billion.

In addition, from July 2022, Mr. Nguyen Tu Quang will assume the role of General Director and legal representative replacing Mr. Vu Ngoc Son.

Once a prominent brand in the field of network security and software, Bkav Pro has fallen into a difficult business period in recent years. Since 2019, the company's profits have continuously declined.

By 2024, Bkav Pro's after-tax profit unexpectedly increased again, reaching 40.8 billion VND, while the previous year it was only over 16 billion VND.

BINH KHANH

Source: https://tuoitre.vn/cong-ty-diet-virus-cua-ong-nguyen-tu-quang-ban-tai-san-de-tra-no-trai-phieu-20250812080503158.htm