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Rumour about Hoang Anh-Gia Lai chairman wrong
It has been rumoured for several months in the business world in HCM City that the Chairman of Hoang Anh-Gia Lai Group, Doan Nguyen Duc, was under house arrest and banned from going abroad because of bank debts.
The rumour spread to Hanoi, in spite of the fact that this group’s shares were listed on the HCM City Securities Trading Centre on December 22 and its prices hit the ceiling.
However, the rumour is wrong. Duc has still been on overseas business trips and his company is running normally.
“I’m still healthy and my company is operating normally. This fact is shown in my company’s report announced when our shares were listed on the HCM City securities trading floor,” Duc told an online newspaper.
According to Hoang Anh-Gia Lai’s report, by the end of September 2008, the group didn’t have any overdue debt. Its short-term loans from credit institutions were around VND1.046 trillion ($61.52 million), 61% more than 2007. Its long-term debts total VND1.468 trillion ($86.35 million), around 81% more than 2007. The total debts of Hoang Anh Gia Lai by September 30, 2008 were around VND2.514 trillion, a rise of 72% over last year. Of the figure, the parent company owed VND1.561 trillion ($91.8 million).
In the January-September period of 2008, the group’s after-tax profit was estimated at VND657.5 billion ($38.67 million). Its book-value of assets was VND9.579 trillion ($563.47 million), including VND5.686 trillion ($334.47 million) of the parent company. By September 30, 2008, Hoang Anh Gia Lai’s net assets were VND17 trillion ($1 billion).
This group issued enterprise bonds this September, earning VND650 billion ($38.23 million) to invest in real estate projects. The group will issue bonds a second time this December and expects to earn around VND350 billion ($20.58 million).
Hoang Anh Gia Lai’s chartered capital is VND1.8 trillion ($105.88 million), of which Doan Nguyen Duc holds 55%. Duc has become known from some hot events, such as buying the top football striker in Southeast Asia – Kiatisak – for his Hoang Anh-Gia Lai football club in 2002, opening the Hoang Anh Gia Lai – Arsenal JMG football training centre and buying the first personal aircraft in Vietnam worth $7.5 million.
VNE
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