HCMC – No Va Land Investment Group Corporation (Novaland) has announced a plan to reduce its equity in two subsidiaries, Nova Princess Residence JSC and Nova Rivergate LLC.
Novaland will cut its capital contribution in Nova Princess Residence from VND229.7 billion to VND79.92 billion, but will maintain its 99% ownership stake. Therefore, the subsidiary’s charter capital will decrease from VND300 billion to VND80 billion.
Similarly, Novaland will reduce its capital in Nova Rivergate from VND799.2 billion to nearly VND776.3 billion. Its ownership will remain at 99.77%. As a result, the subsidiary’s charter capital will fall from VND801.1 billion to VND778 billion.
Novaland said it is reducing capital in these subsidiaries because their projects have been completed and handed over to customers, and there are no new projects planned. The group added that the reductions do not impact its ownership or the subsidiaries’ ability to meet financial obligations.
Nova Princess Residence is the developer of the Kingston Residence project, a mixed-use development in Phu Nhuan District, while Nova Rivergate is the developer of the Rivergate Residence project, with a similar mixed-use development in District 4.
In addition to the equity cuts, Novaland will borrow a combined VND151.3 billion from two other subsidiaries, Thuan Phat Investment and Development Real Estate JSC and Binh An Ecoland Company.
Closing the trading session today, August 20, its NVL shares extended the winning streak to the fourth straight session with a 4.96% rise, with more than 25.4 million NVL shares changing hands at the close.
With 264 winners and 136 losers, the VN-Index added 10.93 points on Tuesday, supported by strong demand in real estate, securities, and banking stocks. The benchmark index rose by 0.87% to 1,272.55 points, marking its third consecutive gain. Over the last three sessions, the index has added almost 49 points.
Trading volume on the southern exchange exceeded 810.1 million shares worth VND19.02 trillion, up by 16% in volume and 13% in value over the previous session. Block deals accounted for 38 million shares valued at VND1.06 trillion.
Leading contributors to the index rise were VCB, BID and VHM. With respective increases of 2.25%, 2.61% and 2.07%, they collectively added 5.36 points to the main index.
The widespread gains in the real estate, securities, and banking sectors sent the market higher.
In the real estate sector, DXG and PDR hit their daily upper limits and were among the most actively traded stocks. DIG jumped by 5.7%, and other stocks such as VRE, TCH, HDG, and CII, closed at least 2% higher.
Securities broker VIX took the lead by liquidity with over 37.7 million shares being traded. It edged up by 1.25% to VND12,150 per share.
The Hanoi Stock Exchange saw 100 stocks advancing and 59 others dipping. The HNX-Index added 1.3 points, or 0.55%, to end at 237.31 points. Trading volume on the northern market reached 68.1 million shares worth VND1.31 trillion.
