Sacombank tries to offload debts in HCMC industrial park for fifth time

Sacombank has announced the auction of 18 debts secured by assets in the Phong Phu Industrial Park, Ho Chi Minh City, for the fifth time.

The lender set the starting price at VND7,934 billion ($335.79 million) for the bundle with outstanding debts of VND16,196 billion ($685.47 million), including principal value of VND5,134 trillion and interest payments of VND11,061 billion.

Global Partnership Auction Group will conduct the auction per the lender's request.

Last year, prices were set at VND14,577 billion ($616.95 million) in March, VND11,810 billion in May, VND9,600 billion in September, and VND7,934 billion in December.

The 134-hectare Phong Phu Industrial Park features 67 hectares of industrial areas and 67 hectares of complimentary services like residential, hospital and supermarker areas, according to Sacombank.

Phong Phu Industrial Park JSC, developer of the facility, was established in 2001 with three major stakeholders. Binh Chanh Construction Investment Shareholding Company held a 70% stake, but sold it to Saigon New Town Investment Corporation (Saigon NIC) in 2011.

Saigon NIC was a major stakeholder in Viet Capital Bank with 40.86 million shares until it sold 22.66 million shares of the latter in March 2022, decreasing its ownership to 4.96%.

Samcombank is listed on the Ho Chi Minh Stock Exchange as STB.