The Vietnam Bank for Agriculture and Rural Development ( Agribank ) Transaction Office branch has just announced the auction of debt of Dong Do Marine Joint Stock Company (Dong Do Marine - UPCoM: DDM).
Accordingly, the total outstanding debt as of October 7, 2024 is nearly 483.9 billion VND (provisionally calculated according to the exchange rate on October 7, 2024 of 24,830 VND/USD). Of which the principal outstanding debt is 254 billion VND and the interest outstanding debt is more than 229.8 billion VND.
Interest will continue to accrue until Dong Do Marine has fully paid off the principal and interest of the loan at Agribank.
The assets securing the above debt include four ships: Dong Phong (now renamed Dong Thinh), Dong Thanh (now renamed Dong Minh), Dong Phu and Dong An.
Dong Do Marine was put up for sale by Agribank for a debt of nearly 483.9 billion VND.
According to Agribank, all debts are auctioned in their original condition (including the original condition of the debt, legal status and potential risks) and in an as-is manner.
The starting price for the debt auction is 160 billion VND. The above starting price does not include taxes, fees, charges and other financial obligations payable according to regulations related to the transfer of ownership of the debt for which the debt buyer is responsible for payment (if any).
The form of debt auction is direct voting at a multi-round auction until there is no one with a higher bid as prescribed in the Law on Property Auction. The auction method is ascending bid (selling the entire debt at once) with a step price of 10 million VND.
The auction will be held at 10:00 a.m. on October 24, 2024. The location is at House No. B5, Lot 5 (now House No. B5, Lot 5), Dinh Cong New Urban Area, Dinh Cong Ward, Hoang Mai District, Hanoi City.
According to the introduction on the website, Dong Do Maritime Joint Stock Company, formerly known as the River-Sea Transport Joint Stock Company (VISERITRANS) - is a first-class state-owned enterprise under the Ministry of Transport, established and operating on the basis of Decree No. 274/HDBT dated December 4, 1985.
Dong Do Marine is located on the 19th floor, Hoa Binh International Office Tower, No. 106 Hoang Quoc Viet, Cau Giay District, Hanoi City.
The company's Chairman of the Board of Directors is Mr. Nguyen Duy Luan. As of June 30, 2024, the company's charter capital is 122 billion VND. The main business lines are transporting goods by waterway, trading in petroleum and technical materials...
Regarding business performance, at the end of the first 6 months of 2024, Dong Do Marine recorded a 50% increase in net revenue from sales and service provision over the same period to nearly 120 billion VND. However, the company's cost of goods sold was up to 149 billion VND. Doing business below cost of goods sold caused the company to have a gross loss of more than 29 billion VND.
At the same time, during the period, expenses remained high, such as financial expenses increased 4.4 times over the same period to VND 58 billion, and business management expenses increased slightly from VND 8.2 billion to VND 8.5 billion, causing the company to lose VND 73 billion in the first half of 2024. In the same period last year, Dong Do Marine also lost VND 48 billion. In the whole year of 2023, the company reported a loss after tax of VND 102 billion.
Notably, at the end of June 2024, the company recorded an accumulated loss of VND968 billion. The company's liabilities were VND1,398 billion, mainly long-term debt. Of which, loans and financial leasing debt were VND469 billion.
Source: https://www.nguoiduatin.vn/kinh-doanh-thua-lo-dong-do-marine-bi-ngan-hang-rao-ban-no-204241009165920232.htm
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