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Wednesday, June 19, 2024

NovaGroup to offload 136 million NVL shares

The Saigon Times

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HCMC – Novagroup JSC has registered to sell around 136.4 million NVL shares between June 16 to July 14 to restructure its investment portfolio and its debt.

NovaGroup, the largest shareholder of No Va Land Investment Group Corporation (Novaland), which trades its NVL shares on the Hochiminh Stock Exchange, holds nearly 539.7 million NVL shares.

With the current price at VND15,250 per share, the batch of NLV shares to be sold will have an estimated value of over VND2,073 billion.

After the share sale, NovaGroup will lower its stake in Novaland from 27.675% to 20.681%%.

Bui Thanh Nhon, founder of NovaGroup and chairman of Novaland, his family and his two companies currently hold a 50.5% stake in Novaland. However, their ownership will decrease to 43.6% after the transaction.

Regarding the stock market today, the benchmark VN-Index of the Hochiminh Stock Exchange slid 0.45 points, or 0.04%, against the previous session, at 1,116.97, with decliners outnumbering advancers by 261 to 151.

Trade on the southern bourse totaled over VND13.2 trillion with 716.8 million shares changing hands, down 23% in value and volume over the session earlier. Around 41.2 million shares valued at around VND1.01 trillion were traded in block deals.

VND took the lead by liquidity with over 34.1 million shares changing hands, followed by HAG with nearly 20 million shares traded and CII with 13.1 million shares traded.

On the Hanoi Stock Exchange, the HNX-Index added 0.62 points, or 0.27%, to 229.53 points, with 65 winners and 124 losers. The total trading volume reached 89.3 million shares, with a value of over VND1.55 trillion.

PVS, the stock with the largest market capitalization on the exchange, surged by 8.2% to reach VND33,000 per share, making a significant contribution to the overall index.

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