According to information on the website, Nova Service manages and operates 20 restaurants with a capacity of 10,000 seats, 10 hotels with 1,500 rooms, 7 amusement parks ranging from 2-10 hectares, a 36-hole PGA golf course, and 10 gyms.
There are 8 main pillars:
First, Global Experience Joint Stock Company (GLOBAL X) – Novaland’s “newbie” in the F&B industry after the company sold its old brands to foreign partners during the 2022-2023 crisis.
GLOBAL X is a company specializing in cultural and artistic culinary experiences of Vietnam and the world.
The company operates in 3 main fields: Cuisine, Beer Garden, and Cafe. In a short time, GLOBAL X has quickly made its presence known with a series of brands such as Lalaland, Casa, Tokyo House, and Nova Dreams Cafe, not only in Ho Chi Minh City but also in the provinces of Dong Nai, Lam Dong, and Binh Thuan (where Nova’s tourist areas are located)
Global X was initially named Asia Cuisine Joint Stock Company. Then, the company changed its name to Global Experience Joint Stock Company, and its legal representative is Mr. Nguyen Thao Quan, Vice President of Nova Service, who is also credited as one of the key contributors to the success of the CityGym system.
On December 4, 2023, the company increased its charter capital from 1 billion VND to 50 billion VND. GlobalX continues to make new moves. In April 2024, the company changed its representative to Mr. Nguyen Quoc Hieu (born in 1990). Mr. Hieu is also the representative of the management unit of the City Gym chain.
The location at 2Bis Nguyen Thi Minh Khai, District 1, Ho Chi Minh City has also been renovated and rebranded as Nova Dreams Cafe, along with a series of new system brands.
Image: GLOBAL X continues to be “filled” with new brands.
Second, Nova Dreams – a company that develops and operates entertainment companies such as theme parks, water parks, indoor playgrounds, and zoos according to international standards.
Nova Dreams Cafe, the first themed cafe developed by NovaDreams Entertainment Company in collaboration with Global X Culinary Company, has created a buzz on TikTok with its dinosaur model. This model is similar to the Nova Dreams Safari Cafe in Phan Thiet. The Dino Cafe, part of the NovaDreams complex, spans 1,500 square meters, allowing visitors to admire life-size dinosaur models that can move and make sounds.
Despite being a newcomer, NovaDream has set an ambitious goal of becoming one of the top 3 amusement park brands in Vietnam.
Third, Nova Hotel & Resort World – specializes in providing accommodation and resort services. This is one of the main segments of Nova Service, established in 2017. During the 2022-2023 crisis, Nova Hotel & Resort World also sold off several brands, and now the brands under Nova include Seava Ho Tram, Minera Hot Springs Binh Chau, and Wonderland Resort Phan Thiet…
Fourth, CityGyms was established in 2018 and is one of the prominent brands in the fitness industry today.
Along with segments that the company is promoting in the luxury segment, there are Nova Golf Clubs (established in August 2020), Nova Cruises (established in May 2019), Global Vacation Membership (established in August 2020), and Nova Travel (established in December 2020, specializing in B2B).
Image: Nova Services’ aggressive expansion: Now owns 20 restaurants, 10 hotels, a golf course, and yachts…
Nova Services’ aggressive expansion occurs as the group of shareholders related to Mr. Bui Thanh Nhon, the group’s leader, continuously reduces its ownership percentage in Novaland – one of the key “players” that once contributed to the corporation’s power and is now facing an extremely difficult period.
Recently, NovaGroup registered to sell 3 million NVL shares to balance investments and support debt restructuring. If successful, NovaGroup’s ownership in Novaland will decrease from 346.9 million shares (17.8%) to 343.9 million shares (17.6%).
Since the beginning of the year, this shareholder has net sold more than 33 million shares, including shares sold by securities companies for margin calls.
NovaGroup is currently Novaland’s largest shareholder and is related to Mr. Bui Thanh Nhon – Chairman of Novaland’s Board of Directors. Mr. Nhon currently holds nearly 96.8 million NVL shares (4.96%).
Another organization related to Mr. Nhon, Diamond Properties, had more than 2 million shares forcibly sold on July 16. After the transaction, the shareholder held nearly 169 million NVL shares, equivalent to an ownership rate of 8.7%.
Up to now, the group of shareholders related to Mr. Nhon holds a total of less than 39% of Novaland’s capital. This percentage will decrease further if NovaGroup completes the registered transaction.
With the proactive sale of shares to support debt restructuring and the continuation of forced sales, the ownership rate of the group of shareholders related to the Chairman of Novaland is getting closer to the “red line” of 36% – the threshold for the right to veto.
Image: The group of shareholders related to Mr. Bui Thanh Nhon is getting closer to the “red line” at Novaland.
The gradual “withdrawal” from NVL takes place as key projects gradually untie legal knots, but the big question is where the resources will come from for the corporation to continue investing in the current context.
