HCMC – No Va Land Investment Group Corporation (Novaland), which trades its NVL shares on the Hochiminh Stock Exchange, has appointed Duong Van Bac as general director, with effect from November 1.
Bac replaced Dennis Ng Teck Yow, who will continue to serve as member of the board of directors. The company said that the appointment is part of its plan to strengthen senior management as it undergoes a comprehensive restructuring.
The real estate developer aims to navigate its current challenges and achieve sustainable growth.
Bac joined Novaland as chief financial officer in August 2023. He was promoted to the post of deputy general director in September. Novaland credited Bac with contributing to the group’s restructuring efforts, particularly in debt management.
After more than 20 months of restructuring, Novaland said it has restructured the majority of its debts and secured new funding sources to accelerate project development. The company is also working closely with authorities to resolve legal issues affecting its key projects.
Closing the trading session today, November 4, NVL edged down by 1.45% to VND10,200 per share, with a matching volume of nearly five million shares.
The VN-Index shed 10.18 points, or 0.81%, to 1,244.71 on Monday, as bank stocks and bluechips in the VN30-basket weighed on the main index.
The Hochiminh Stock Exchange saw 93 winners and 287 losers, with trading volume totaling 580.5 million shares worth VND14.79 trillion, up by 22.2% and 7.2%, respectively, over the previous session. Block deals contributed 121.3 million shares valued at VND2.48 trillion to the overall value.
The VN30-Index, which tracks the 30 largest-cap stocks, dropped by nearly 13 points to 1,312.64 points as 24 stocks declined and five others increased by less than 0.5%. VCB eased off its morning gains to close down by 1.1% to VND92,500 per share, taking away nearly 1.5 points from the benchmark index and, the lowest price of the session.
Bank stocks were among the biggest decliners, with most major stocks in the sector inching down. VPB and TPB each fell by over 2%, with trading volumes of 30.57 million and 27 million shares, respectively. EIB dropped 4.8%, MSB slipped 2.5%, and TCB declined 1.1%.
Lender VPB took the lead by liquidity with more than 30.5 million shares changing hands, but it edged down by 2.23% to VND19,700.
Real estate stocks showed some stability. Major stocks like VHM and VIC closed at reference prices, while smaller tickers such as DXG, DIG, and PDR saw slight gains. KBC rose by 2.7% at the close. DXG and VHM led the sector in trading activity, each reaching nearly 20 million shares.
On the Hanoi Stock Exchange, the HNX-Index slipped 0.96 point, or 0.42%, to 224.45 points, with 48 advancers and 102 decliners. Trading volume on the northern market reached over 36.1 million shares valued at VND654.2 billion.
