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Thursday, July 18, 2024

Novaland cancels new share issue

The Saigon Times

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HCMC – Property developer Novaland, whose NVL shares are traded on the Hochiminh Stock Exchange, has canceled a plan to issue 482 million shares.

A document in which the cancellation of the share sale is mentioned will go before shareholders at the company’s upcoming annual meeting.

Initially, Novaland planned to pay a 10% dividend by shares and issue 482.6 million NVL shares to its existing shareholders to raise its charter capital. The shares would be issued at a ratio of 1:0.25, meaning that for every 100 shares held, a stakeholder can buy 25 new shares.

As the real estate market remains dormant, the developer expects to obtain VND9.5 trillion in revenue and VND214 billion in profit this year, down 14.5% and a staggering 90% compared to 2022, respectively.

In the first quarter, Novaland posted a steep decline in revenue, at VND604 billion, down 69% year-on-year. It lost VND377 billion in the period.

Closing the trading session today, June 1, NVL extended its winning streak to the fourth straight session with a gain of 2.96%, at VND13,900 per share. It was the third most traded stock on the southern market today with a matching volume of over 30.6 million shares.

With 216 winners and 156 losers, the VN-Index of the Hochiminh Stock Exchange added 3.22 points, or 0.3%, from the previous session, to 1,078.39 points.

Trade volume slid further with 856.8 million shares changing hands, but value improved 12% day-on-day to VND13.8 trillion. Block deals contributed VND962.5 billion with 36.6 million shares traded.

Many bank stocks ended in the green today, except VCB, BID and CTG inching down and SHT ending at the reference price. OCB increased the sharpest, gaining 6.2%, followed by TPB with 4.6%, EIB 2.7% and MBS 2.5%. STB, MBB, HDB, TCB and LPB rose over 1% each.

TPB was the most traded stock among banks with a matching volume of 13.5 million shares. EIB reported over 10.6 million shares traded. Trade of HDB, OCB, VIB, MSB, TCB, LPB, MBB, STB and VPB ranged from 2.4 million shares to 9.7 million shares each.

Securities and medium- and small-capped real estate stocks also attracted cash flow.

Among securities brokers, ORS increased the most by 5.4%, followed by VIX with a gain of 4.2%. TVS and VND rose 4%.

VND was the second most traded stock with 36.6 million shares traded.

Developers DXS, ITA, LGL, NVT, PTC, PTL, QCG, TDH, GEX and DLG ended the trading session at their daily upper limit. GEX took the lead by liquidity with over 37.2 million shares changing hands.

The Hanoi Stock Exchange saw 111 advancers and 79 decliners. Of the advancers, 30 stocks hit their daily upper limit, helping the HNX-Index extend its winning streak to seven straight sessions with an increase of 1.16 points to 223.97 points.

There were over 118 million shares worth nearly VND1.6 trillion transacted on the northern market.

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