Capitaland Tower Ltd. recently announced a net loss of nearly 2.733 trillion VND for the first six months of the year. This figure represents a 71.5-fold increase compared to the same period last year, averaging approximately 15 billion VND in losses per day.
The company has been operating at a loss continuously since 2022. However, they have not yet released their full financial results for 2024, preventing a detailed comparison.
These negative financial results have impacted the company's equity. As of the end of June, Capitaland Tower's equity was negative 7.046 trillion VND, a further decline of nearly 2.6 trillion VND compared to the previous period.
However, the company successfully reduced its liabilities from nearly 22.066 trillion VND in the same period last year to approximately 14.514 trillion VND. In its report to the Hanoi Stock Exchange (HNX), the company did not provide a detailed breakdown of its liabilities.
According to HNX data, Capitaland Tower currently has 4 outstanding bond issues with a total value of around 12.240 trillion VND. All were issued at the end of 7/2023 and mature after 5 years. The fixed interest rate is only 1% per year, which is exceptionally low for the market. In addition to interest, bondholders have the right to use part or all of the amount corresponding to the principal and unpaid interest to contribute capital and become contributing members of the company.
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The Saigon Marina IFC tower has 55 floors above ground and 5 basement levels, with a total floor area of over 106,000 m2. Photo: HDBank |
The Saigon Marina IFC tower has 55 floors above ground and 5 basement levels, with a total floor area of over 106,000 m2. Photo: HDBank
Capitaland Tower Ltd. is the developer of the Saigon Marina IFC project in the prime Ba Son area (Saigon ward, Ho Chi Minh City), connected to the underground station of metro line 1 (Ben Thanh - Suoi Tien). With a total floor area of over 106,000 m2, the tower offers A+ grade office space and a shopping center, making it a destination for multinational corporations and major financial institutions. It is estimated to attract 10,000 employees.
Initially, Capitaland Tower was wholly owned by CVH Cayman Holdings Limited. After several ownership changes, Capitaland Tower significantly increased its charter capital from 2.020 trillion VND to 22.520 trillion VND in early August.
Currently, the company's shareholders are all Vietnamese: Le Thi Huyen Linh owns 91.03% of the capital with a contribution of 20.5 trillion VND; three other individuals, Luong Phan Son with 8.522%, Nguyen Manh Kien and Nguyen Tan Hung each hold 0.224%. The General Director is Nguyen Diep Anh, while Luong Phan Son serves as Chairman of the Members' Council.
The tower's inauguration ceremony in August was attended by Nguyen Thi Phuong Thao, Permanent Vice Chairwoman of HDBank's (HDB) Board of Directors. On 12/8, HDBank submitted a proposal to its shareholders to relocate its headquarters from 25bis Nguyen Thi Minh Khai to Saigon Marina IFC.
Tat Dat
