Khai Hoan Land (KHG) Plans VND 840B Bond Buyback, VND 750B Acquisition

Overview

Khai Hoan Land (KHG) has approved a plan to buy back five bond lots with a total face value of VND 840 billion before maturity, alongside the acquisition of 100% capital in Hoang Thao My Co., Ltd. for VND 750 billion. The bond repurchase is scheduled from May 12 to July 15, 2026, and the acquisition targets a company holding real estate assets.

Key Facts

• KHG approved buyback of five bond lots: KHGH2328001 (VND 240B), KHGH2429001 (VND 250B), KHG12501 (VND 80B), KHG12502 (VND 80B), and KHG1201 (VND 190B).
• Total bond buyback value is VND 840 billion (approx. USD 33.6 million).
• Bonds are non-convertible, non-warrant, and secured by credit institution guarantees.
• Buyback period runs from May 12, 2026 to July 15, 2026.
• Proceeds from the bonds were used to invest in a condominium project in Nha Be district, Ho Chi Minh City.
• KHG also approved acquisition of 100% capital in Hoang Thao My Co., Ltd. for VND 750 billion.
• Hoang Thao My was established in February 2018, with charter capital of VND 750 billion as of September 2025.

What Happened

Khai Hoan Land Joint Stock Company (KHG) announced board resolutions approving a plan to repurchase five outstanding bond lots before their respective maturities. The bonds were issued between 2023 and 2026, with maturities ranging from 2028 to 2031. The buyback price will equal the face value plus accrued interest and any other unpaid amounts up to but excluding the repurchase date.

Separately, the company approved the transfer of 100% capital in Hoang Thao My Co., Ltd., a real estate trading firm, for VND 750 billion. The sellers are Hoang Tra My Co., Ltd. (83.33%) and Director Tran Dang Khoa (16.67%). The acquisition is expected to bolster KHG’s project pipeline.

Market Context

KHG shares trade on HOSE. The real estate sector has been under pressure from high interest rates and slow project approvals. The bond buyback suggests KHG is proactively managing its debt profile, potentially reducing future interest costs. The acquisition of Hoang Thao My indicates continued expansion despite market headwinds.

Strategic Significance

The bond buyback reduces KHG’s outstanding debt and may improve its balance sheet metrics, potentially lowering leverage ratios. The acquisition of Hoang Thao My adds a real estate trading entity to KHG’s portfolio, likely providing access to new projects or land banks. These moves align with KHG’s strategy to streamline capital structure and expand asset base.

What to Watch

• Completion of the bond buyback within the scheduled period (May-July 2026).
• Details on Hoang Thao My’s asset portfolio and any pending projects.
• KHG’s Q1 2026 earnings report for impact on cash flow and debt levels.
• Any further bond issuances or capital raises to fund the acquisition.
• Regulatory approvals for the capital transfer.