“Novagroup Finalizes Sale of Over 3 Million Shares; Major Shareholder Group Linked to Mr. Bui Thanh Nhon Now Holds Less Than 39% Stake in Novaland”

Since the beginning of the year, NovaGroup has sold over 36 million Novaland shares, including shares liquidated by the securities company.

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Novaland Group JSC has completed the sale of 3 million NVL shares of Novaland Investment Real Estate Corporation Joint Stock Company to balance its investments and support debt restructuring. The transaction was executed on September 6th through order matching.

Novaland Group will decrease its ownership in Novaland from 346.9 million shares (17.8%) to 343.8 million shares (17.6%). Since the beginning of the year, this major shareholder has net sold over 36 million shares, including shares sold by securities companies for loan liquidation.

Novaland Group is currently the largest shareholder in Novaland and is related to Mr. Bui Thanh Nhon, Chairman of Novaland’s Board of Directors. As of now, the shareholder group related to Mr. Nhon holds a total of less than 39% of Novaland’s capital.

With the proactive sale of shares to support debt restructuring and the ongoing sale of pledged shares, the ownership ratio of the shareholder group related to Novaland’s Chairman is approaching the “red line” of 36% – the threshold for veto power.

On September 11th, the Ho Chi Minh Stock Exchange (HoSE) added NVL shares to the list of securities ineligible for margin trading. The reason for this decision was the company’s delay in publishing its reviewed semi-annual financial statement for 2024, which was more than 5 working days late.

In terms of business performance, in the first 6 months of 2024, Novaland recorded net revenue of over VND 2,246 billion, a 35.5% increase compared to the same period last year. As a result, this real estate giant reported a net profit of over VND 344 billion, a significant improvement from the loss of VND 1,094 billion in the previous year.

Notably, as of June 30, 2024, the company’s inventory stood at over VND 142,025 billion (equivalent to over USD 5.6 billion), a 2.22% increase from the beginning of the year. This inventory accounts for nearly 60% of the total capital (VND 240,178 billion) of this real estate giant.

Novaland is one of the leading real estate companies in the market today, with total capital of over VND 240,178 billion. It is currently developing several large-scale projects, including Aqua City (Dong Nai), Novaworld Phan Thiet (Binh Thuan), and Novaworld Ho Tram (Ba Ria – Vung Tau), each spanning 1,000 hectares.

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