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NovaGroup to offload 150 million NVL shares

The Saigon Times

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HCMC – NovaGroup has registered to sell 150 million NVL shares to raise funds to tackle issues related to its bonds and its restructuring plan.

NovaGroup, the largest shareholder of No Va Land Investment Group Corporation (Novaland), which trades its NVL shares on the Hochiminh Stock Exchange, holds nearly 711 million NVL shares.

After the share sale, the group will lower its stake in Novaland from 36.46% to 28.77%. The transaction will be conducted via put-through deals between November 30 and December 29.

Closing the session today, November 25, NVL plunged to its floor price, extending its falling streak for the 18th straight session.

According to a recent announcement released by Novaland, global economic uncertainties and stock market volatility sent NVL tumbling.

On the HCMC bourse, the VN-Index gained 23.75 points today, or 2.51%, from the session earlier, at 971.46, with winners outnumbering losers by 380 to 72. Over 622 million shares worth VND9.7 trillion changed hands, up 15% in volume and 16% in value, against the previous session.

Upbeat investor sentiment and strong cash flow into many big-cap stocks buoyed the main index.

Property firm VIC, housing developer VHM and consumer goods company MSN made strong gains, while steelmaker HPG jumped over 6.6% and took the lead by liquidity on bourse with more than 26.3 million shares changing hands.

Many bank stocks ended the session up, with ACB, VIB, VPB and MBB improving over 2.5%.

The group of small and medium stocks saw many tickers go up to their upper limits.

On the Hanoi exchange, the good performance of many large-cap stocks sent the HNX-Index rising by 5.56 points, or 2.91%, from the session earlier, at 196.77.

Construction firm CEO and securities companies SHS and MBS shot up to their ceiling prices at the close. SHS was the most actively traded stock on bourse with a matching volume of 16.4 million shares.

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