Nam Long Reduces Stake to 50% in Izumi City Project

Nam Long Investment Corporation (Stock Code: NLG, HoSE) has announced the completion of the transfer of 15.1% of its equity in Waterfront Đồng Nai City LLC.

According to the 17th amended Enterprise Registration Certificate issued on November 4, 2025, Waterfront Đồng Nai City LLC has a chartered capital of VND 2,587.1 billion.

Nam Long transferred 15.1% of its stake to Tokyu Corporation, reducing its ownership to 50%. Hankyu Hanshin Properties retains its 34.1% stake.

NLG anticipates that the profit from this transaction will be recognized in the final quarter of the year. If realized, this will be a significant profit, enabling the company to not only meet but exceed its annual business targets.

Established in 2008, Waterfront Đồng Nai City LLC is a joint venture between Nam Long and Hankyu Hanshin Properties Corp (Japan).

The company is the developer of the Izumi City project, spanning nearly 170 hectares in Long Hưng Ward, Biên Hòa City, Đồng Nai Province. The project includes various property types such as Flora apartments, shophouses, terraced houses, detached villas, and semi-detached villas.

In mid-June 2025, the People’s Committee of Biên Hòa City approved the partial adjustment of the 1/500 detailed construction planning for the Izumi City project by Waterfront Đồng Nai City LLC.

The adjustments were made in compliance with Decision No. 1746/QĐ-UBND dated May 29, 2025, issued by the Đồng Nai Provincial People’s Committee, regarding the partial adjustment of the 1/5000 zoning plan for sub-zone C4 in the Biên Hòa City Master Plan, Đồng Nai Province, covering Long Hưng Commune and part of Tam Phước Ward.

The adjustments were implemented across 10 locations with a total area of nearly 105 hectares. The main changes involve reallocating land use functions among categories such as residential land, public service land, green space and water surfaces, technical infrastructure hubs, transportation land, commercial service land, and centralized parking areas. The adjusted population capacity is approximately 47,600 people.

Waterfront Đồng Nai City LLC is responsible for coordinating with the Long Hưng Commune People’s Committee to publicly announce the planning adjustments to residents and relevant units, ensuring strict adherence to the approved plan.

As of September 30, 2025, the project’s work-in-progress inventory value exceeded VND 8,700 billion, an increase of nearly VND 27 billion compared to the beginning of the year.

In terms of business performance, Nam Long recorded a cumulative net revenue of VND 3,941 billion in the first nine months of the year, a fivefold increase year-on-year. The revenue primarily stemmed from the handover of projects such as Akari (VND 967 billion), Cần Thơ II Central Lake (VND 1,529 billion), and Southgate (VND 983 billion). Consequently, the after-tax profit reached VND 441 billion, an eightfold increase compared to the same period in 2024.

For 2025, Nam Long set a target of VND 6,794 billion in net revenue and VND 701 billion in after-tax profit. By the end of the third quarter, the company had achieved 58% of its revenue target and 63% of its profit target.

As of September 30, 2025, Nam Long’s total assets decreased by 6.4% from the beginning of the year to nearly VND 28,387 billion. Inventory accounted for VND 17,852 billion, or 63% of total assets.

On the liabilities side, total debt stood at nearly VND 14,020 billion, an 11% decrease from the beginning of the year. This includes VND 1,442 billion in short-term loans and VND 5,550 billion in long-term loans.