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Monday, 28/09/2020 15:55

ATG: Explanation for SHB’s debt collection

On September 23, 2020, An Truong An Joint Stock Company received a document from HOSE requesting an explanation for business operations and information on the seizure of loan collateral. Therefore, An Truong An Joint Stock Company explains some issues as follows:

-          Due to disease situation, the Company has not recovered investments in projects and bad debts, leading a shortage of money to pay off due loans. During the remaining time of 2020, the Company is trying to collect investments and debts to resolve financial difficulties.

-          The cause of delay in loan payment to Saigon – Hanoi Commercial Joint Stock Bank (SHB): the loan at SHB is used by An Truong An Joint Stock Company to invested in Thuy Son Trang Tourist Area Project. However, due to site clearance problems, the project has not been able to deploy so far. Therefore, the 2020 Annual General Meeting of Shareholders unanimously approved to terminate the project and recover investments in this project. The recovered money will be used to pay loans at SHB.

SHB sent an announcement dated September 21, 2020 regarding the seizure of loan collateral for loan collection. The 05 assets, including the Company’s head office, are owned by Mr. Truong Dinh Xuan, Board Chairman, and Ms. Tran Thi Mai Xuan, CEO. As the Board Chairman is having treatment, the information disclosure is delayed. At present, the Company is arranging financial sources to pay off loans at SHB.

HOSE

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