HCMC – NovaGroup has registered to buy eight million shares of Novaland Investment Group Corporation to raise its ownership in the latter to over 37.4%.
Novaland trades its shares on the Hochiminh Stock Exchange under the code NVL.
The purchase will start from October 14. NovaGroup is the largest shareholder of NVL, holding a stake of 37.02% in the firm.
Besides, Bui Cao Nhat Quan, the son of Bui Thanh Nhon, chairman of NovaGroup, has registered to purchase two more million NVL shares.
At the close today, October 11, NVL slid over 1.8%, extending its falling streak to four consecutive sessions.
On the HCMC bourse, strong selling pressure dragged the VN-Index down at the close, with 46 gainers and 435 losers. The main index lost 36.28 points, or 3.48%, from the session earlier, at 1,006.2.
Trade volume totaled over 672 million shares worth VND12.9 trillion, down 3% in volume and 15% in value against the previous session.
Under the sell-off pressure, the VN30 basket saw eight stocks plunge to their floor prices.
Steelmaker HPG fell into negative territory, but took the lead on bourse by liquidity with over 26 million shares changing hands.
The Hanoi bourse also ended down sharply as the HNX-Index tumbled by 11.07 points, or 4.82%, from the session earlier, at 218.78.
Among 27 falling stocks in the HNX30 basket, 12 closed at their floor prices.
Securities firm SHS underperformed, but was the most actively traded stock on bourse with a matching volume of 12 million shares.