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SHN: Explanation for Thanh Ha - Cienco 5 Project
Hanoi Investment General Corporation (HNX: SHN) announces information relating to Thanh Ha – Cienco 5 Project as follows:
On 21/01/2011, the BOD released Resolution No.02/NQ-HDQT/2011 on cooperating with Beta-BQP JSC to build Thanh Ha – Cienco Urban Quarter. On 22/01/2011 and 22/03/2011, Hanic signed the Capital Loan Contract and Investment Cooperation Contract respectively with Beta
According to Reviewed Financial Statement as of 30/06/2011, Hanic transferred to Beta VND238 billion of principal, VND14,007,226,646 of interest from the two contracts, and VND35 billion of fine for contract breach. The total amount was VND287,007,226,646
Because of difficulities in land clearance, the project has not been implemented and BETA has issued documents asking to lidiquate the Investment Cooperation Contract. According to the document No.26/2011/CV-TDM dated 14/06/2011 of BETA, all principals and interests relating to these two contracts will be transferred to Mr. Nguyen Anh Quan, General Manager of BETA-BQP JSC to carry out the liquidation. This loan is secured by Au Lac Real Estates JSC and Au Lac has transferred 90% of charter capital of Au Lac Real Estates JSC, which equals 13,770,000 shares, to Hanic. Mr. Nguyen Thanh Tung, Head of Administrative Department of Hanic, has been appointed representative for these shares to participate in the Residential, Commercial and Services Project at Phu My, Thu Dau Mot, Binh Duong province
Hanic has paid to some investors relating to the project. The Company is urging Mr. Nguyen Anh Quan to pay the remaining amount to investors as committed.
HNX
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