Kinhbac City Development Holding Corporation used subsidiary's assets again to secure credit obligations
Kinhbac City Development Holding Corporation used assets of its wholly owned subsidiary to secure a credit obligation. The company pledged land of an urban project worth around VND 17,794 billion. This was not the first time it used related-party assets for loans. Earlier this year, it used shares and land from other affiliates as collateral. The board authorized its Chairman to handle all related procedures.
Kinhbac City Development Holding Corporation used assets of its wholly owned subsidiary to secure a credit obligation. The company pledged land of an urban project worth around VND 17,794 billion. This was not the first time it used related-party assets for loans. Earlier this year, it used shares and land from other affiliates as collateral. The board authorized its Chairman to handle all related procedures.
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