An Giang Import-Export Joint Stock Company - Angimex, established in 1976 with the predecessor of An Giang Foreign Trade Company, operates in the field of food production, processing and trading. The company is currently having difficulty maintaining its operations after Mr. Do Thanh Nhan was prosecuted in April 2022 for stock manipulation.
Recently, Angimex also had to send a written explanation to the Hanoi Stock Exchange (HNX) about the delay in paying interest for the 5th period of the bond lot coded AGMH2223001.
Angimex (AGM) must explain late payment of interest on 300 billion VND bond lot (Photo TL)
This is a bond lot issued by Angimex on March 14, 2022, right before Mr. Do Thanh Nhan was arrested for securities manipulation for the Louis stock family. The maturity date is September 14, 2023 and the fixed interest rate is 7%/year. The total issued volume is 300,000 bonds with a face value of VND 1 million. Thus, the total value of this bond lot will be VND 300 billion.
According to AGM's document, the due date for payment of interest for the 5th period of the bond lot is June 14, 2023 with interest payment every 3 months. However, due to difficulties in production, AGM has not been able to pay for this interest period.
Looking at the business results in 2022, AGM recorded revenue of VND 3,454 billion but after-tax profit lost up to VND 139 billion. Entering 2023, in the first quarter, Angimex also only recorded revenue of VND 159 billion and after-tax loss of VND 18 billion.
At the end of the first quarter of 2023, Angimex's total assets reached VND 1,592 billion. However, liabilities are accounting for a very large proportion, up to 77% of the company's total assets. Equity has also been significantly eroded since the third quarter of 2022, decreasing from VND 552 billion to only VND 363 billion at the end of the first quarter.
With such a gloomy business picture and consecutive losses, it is not difficult to understand why Angimex is facing great difficulties in turning around cash flow to pay off bonds.
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