Mr. Bui Thanh Nhon – Chairman of Novaland’s Board of Directors – said that businesses must prioritize maintaining continuous operations and continuing to complete projects and hand over products as committed – Photo: NVL
On April 25, No Va Real Estate Investment Group Joint Stock Company (Novaland) held the 2024 annual general meeting of shareholders.
Novaland leaders said they have finished restructuring most of the debt
At the congress, Mr. Bui Thanh Nhon – Chairman of the Board of Directors of Novaland Group – said that he had completed the restructuring of the majority of debts and focused on legal dismantling, continuing to deploy the construction of key projects. .
Regarding the situation of bond debts, Mr. Nhon informed: “Up to today, Novaland has basically completed restructuring domestic and foreign debts and bonds, and the company’s assets are still balanced. with debt”.
According to Mr. Nhon, in the coming time, this group will continue to restructure finance and resources, strictly improve legal regulations, change strategies, focus on core business, streamline the apparatus…
Mr. Nhon said that currently the group has limited revenue sources, the group must prioritize maintaining continuous operations and continue to complete projects and hand over products as committed.
“For responsibility and honor, the group pledges to focus on doing its best to quickly fix arising incidents. The whole team worked hard day and night to overcome countless difficulties,” Mr. Nhon said.
Consider the option of transferring some projects
Novaland said that main revenue-generating projects such as Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram and housing projects in Ho Chi Minh City will be focused on by the group in their development plans – Photo: NGOC HIEN
Sharing about activities in 2024, Mr. Nhon said that Novaland has many plans to increase operating capital to continue completing key unfinished projects such as the Grand Manhattan project (District 1), Aqua City project, NovaWorld project. Phan Thiet, NovaWorld Ho Tram, NovaWorld Mekong in Can Tho.
Regarding real estate laws about to take effect, Mr. Nhon said that the revised Land Law will soon take effect, the laws will be clear, Novaland’s projects with legal problems will be resolved, The real estate market will flourish.
“Although the new Land Law will increase project development costs and increase product prices, it will help make the market more transparent and project developers must be professional and fully capable,” Mr. Nhon speak.
Meanwhile, Mr. Dennis Ng Teck Yow – general director of Novaland – said that this enterprise focuses on Environment – Society – Governance (ESG) goals towards developing a sustainable real estate ecosystem. Currently, Novaland has been perfecting its corporate governance model to strictly control compliance across the group and minimize risks.
Mr. Dennis Ng Teck Yow – general director of Novaland – shared about the project development plan in 2024 – Photo: NVL
According to this business leader, Novaland strives to promote the mobilization of many different capital sources to continue implementing construction and completing products to continue handing over to customers.
Novaland also considered and negotiated with a number of potential strategic partners on plans to transfer a number of projects to restructure debt as well as improve the investment portfolio in the most effective way.
As for business results, at the end of fiscal year 2023, Novaland recorded a total consolidated net revenue of nearly 4,757 billion VND and nearly 486 billion VND in consolidated profit after tax. Net revenue from sales reached nearly 4,090 billion VND, revenue from service provision reached 667 billion VND.
As of December 31, 2023, Novaland’s unrecorded revenue reached nearly VND 240,000 billion from projects Novaland is the investor and is cooperating in developing.
Mobilize 16,000 billion from financial institutions
According to Novaland, some positive results from debt and bond debt restructuring activities include the company reducing debt by about VND 7,156 billion compared to 2022, and agreeing on a restructuring plan related to bonds. Convertible bonds have a total value of 300 million USD, the total value of extension of principal payment of domestic bonds according to instructions in Decree 08 reached over 9,200 billion VND.
Notably, the company completed a bond swap transaction worth VND 2,346 billion with equity in a project. In addition, the company also succeeded in agreements to swap bonds and debt values with the group’s products with a total value of about 2,500 billion VND.
For the 2024 plan, Novaland presented to the congress a consolidated revenue target of 32,587 billion VND and profit after tax of 1,079 billion VND. With capital in 2024, the company is expected to mobilize VND 16,000 billion from financial institutions to develop projects and business activities.
Recently, on April 22, Novaland submitted to the board of directors a plan to issue shares worth more than 11,700 billion VND to existing shareholders.
Tags: Bui Thanh Nhon Novaland finished restructuring debts assets balance liabilities
-
