Novaland’s largest shareholder is about to transfer 150 million shares

Novaland’s largest shareholder is about to transfer 150 million shares
Novaland’s largest shareholder is about to transfer 150 million shares

NovaGroup – Novaland’s largest shareholder will sell 150 million NVL shares in agreement “to investors and organizations with financial capacity”.

On the evening of November 24, NovaGroup announced this agreement transaction, which is expected to take place from November 30 to December 29. After the transaction, NovaGroup will reduce its ownership rate in No Va Real Estate Investment Group (Novaland, stock code: NVL) from 36.46% to 28.76%.

NovaGroup considers that the successful negotiation with investors and other financially capable organizations receiving a part of capital transfer in Novaland “is a positive signal to promptly supplement capital for business activities during this time.” next”.

In a notice sent to the Ho Chi Minh Stock Exchange, NovaGroup detailed that the proceeds from this deal will supplement capital for bond processing, bringing the financial ratio to a safe level in the restructuring strategy. structure the entire corporation. The company is working with leading consulting firms such as EY Vietnam, KPMG… to have an overall assessment of the situation and offer a comprehensive restructuring solution.

Novaland’s stock had a series of 22 consecutive sessions without an increase in price, of which the last 16 sessions all closed at the floor price and there were no buyers. NVL closed today at 21,950 dong, down more than 70% after a month. The liquidity of this ticker is at a low level when each session usually matches orders of no more than one million shares, but in particular, on November 22, more than 128 million shares (worth nearly 3,300 billion dong) were changed hands.

At today’s closing price, NovaGroup can collect about 3,300 billion dong from the divestment.

Explaining to the Ho Chi Minh City Stock Exchange, Novaland’s management said that the stock price continuously fell to the floor “due to psychological factors in the market and affected by many macroeconomic conditions”. Then, two days ago, the company issued additional notices to refute rumors about debt situation and ability to pay debts. At that time, the company said that it was working with domestic and foreign financial partners to ensure financial capacity and prepare for upcoming projects.

Before Novagroup divested, this company received a total of 94.65 million shares from the personal ownership of Mr. Bui Thanh Nhon – founder and chairman – and his wife, Ms. Cao Thi Ngoc Suong.

NovaGroup was formerly known as Thanh Nhon Trading Co., Ltd., founded by Mr. Bui Thanh Nhon in 1992. This company has undergone many restructuring times. In which, for the first time, in 2007 to establish two companies, including Novaland Group operating in the field of real estate and Anova Group specializing in livestock and animal feed.

In 2020, NovaGroup restructured for the second time with three member corporations including Novaland, Nova Service (services) and Nova Consumer (consumer goods). Last year, this company just completed the ecosystem with 8 companies, of which Novaland is still the mainstay.


The article is in Vietnamese

Tags: Novalands largest shareholder transfer million shares

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