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Novaland bondholders okay debt/equity swap

The Saigon Times

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HCMC – Real estate developer No Va Land Investment Group Corporation (Novaland) has announced that 25 holders of bonds totaling US$284 million from a US$300 million international bond issue have approved of a debt/equity swap.

This swap is a crucial step in Novaland’s plan for restructuring the US$300-million debt. Novaland plans to submit the restructuring agreement to the Singapore International Commercial Court (SICC) for approval.

Upon receiving approval from SICC, the swap will be finalized, marking the completion of the restructuring of Novaland’s US$300 million debt.

The convertible bonds with a 5.25% coupon rate and maturity in 2026 will be exchanged for NVL shares.

In its audited consolidated earnings report for 2023, Novaland made net profit of VND485.9 billion, down by a sharp 78% against the previous year.

Its total assets as of December 31, 2023 dropped by 6.3% over 2022 to around VND241.5 trillion.

Novaland also received another piece of positive news in early April as the Hochiminh Stock Exchange enabled its NVL shares to resume margin trading.

Investors responded favorably to this development, driving NVL shares up by 1.7% to VND17,500 per share at the close today, April 4, with the highest market liquidity at over 47.2 million shares.

Losers continued to outnumber winners on the HCMC bourse by 379 to 110. However, the VN-Index dropped by a slight 0.25% to 1,268.25 points.

Trading decreased by 9% in volume and by 13% in value over the previous session, with a total of 980.9 million shares worth over VND23.8 trillion traded. Block deals contributed 59.3 million shares valued at VND1.2 trillion.

VCB and VNM played a significant role in stabilizing the VN-Index. VCB picked up by 2.4% to VND96,000 per share, contributing nearly 3.1 positive points to the main index, while VNM rose by 2.3% to VND68,200, translating into around 0.8 positive point.

On the Hanoi Stock Exchange, 61 stocks advanced while 101 others dipped. The HNX-Index edged down by 0.62% to 242.44 points. There were over 99.1 million shares valued at VND2.2 trillion changing hands on the northern market.

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