Signing ceremony for funding and completion of the Aqua City project between MB, Novaland, and contractors. Source: NovaGroup
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As per the signed agreement, MB has committed to disbursing a financial package of VND 1,100 billion to Aqua City Joint Stock Company and direct contractors, ensuring the synchronous implementation of the project.
Prior to this, on June 26, the bondholders of Aqua City Joint Stock Company approved the resolution to use certain assets as collateral for a maximum loan of VND 1,100 billion.
Specifically, Aqua City will use the secured assets related to two bond lots, TPACH2124002 and TPACH2125001, as collateral for the above loan.
These assets include: land use rights of the 112ha Aqua City project; property rights related to the 112ha Aqua City project, including but not limited to the money in the project’s accounts; the entire capital contribution of the existing contributing members at Aqua City; and receivables from sales/transfer contracts of Aqua City 112ha products.
In the first six months of 2024, Aqua City recorded a post-tax loss of over VND 100 billion, compared to a loss of nearly VND 204 billion in the same period last year. As of June 30, 2024, the company’s total assets stood at over VND 12,300 billion, a decrease of nearly 3% year-on-year. Payable debt remained almost unchanged at nearly VND 11,300 billion. Bond debt remained at VND 2,400 billion.
Aqua City, spanning 1,000 hectares in the province of Dong Nai, has delivered over 500 residential units to customers and is in the process of completing several subdivisions. From now until the end of the year, Aqua City is expected to hand over approximately 900 more houses, villas, and shophouses, as well as launch sports, shopping, and culinary facilities.
NVL stock sees massive trading volume
On September 10, NVL stock of Novaland was placed on the Ho Chi Minh Stock Exchange’s (HOSE) list of stocks ineligible for margin trading due to the company’s delayed release of its reviewed semi-annual financial statements for 2024 beyond the 5-day grace period.
Following this news, NVL stock price plunged to VND 11,850 per share during the morning session on September 11, with a trading volume of over 46 million shares as of 11:15 am, the highest since August 19, 2024.
| Price movement of NVL stock since the beginning of 2024 |
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