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Friday, October 7, 2022

Novaland set to issue nearly 490 million shares

The Saigon Times

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HCMC – Novaland (NVL) has planned to issue 482.6 million NVL shares to its existing shareholders to raise its charter capital this year.

The shares will be issued at a ratio of 1:0.25, meaning that for every 100 shares held, a stakeholder can buy 25 new shares. The starting price of the shares will be VND10,000 each, the local media reported.

Also, NVL is set to sell shares under the employee stock ownership plan (ESOP) at VND10,000 each. The transaction will be conducted no later than the second quarter of 2023.

Novaland has targeted to obtain some VND35.9 trillion in net revenue and VND6.5 trillion in after-tax profit this year, up 141% and 88% against the 2021 results, respectively.

To fulfill its targets, the firm will continue 24 underway projects and develop 22 new ones in 2022.

The property developer will offer some 15,000 homes in Ba Ria-Vung Tau, Binh Thuan, Khanh Hoa, Lam Dong and Dong Nai provinces this year, a representative of Novaland told a recent press briefing.

In 2021, Novaland’s consolidated revenue amounted to over VND14.9 trillion, up nearly 185% against 2020, while its after-tax profit reached VND3.46 trillion.

Closing the session today, March 30, NVL lost over 3%.

On the Hochiminh Stock Exchange, the VN-Index fell by 0.48%, or 7.25 points, from the session earlier, at 1,490.51, with 320 losers and 133 winners. Some 902 million shares worth VND28.6 trillion changed hands, up 22% in both volume and value against the previous session.

Facing the same fate, the HNX-Index of the Hanoi Stock Exchange ended on a downbeat note, losing 10.05 points, or 2.18%, against the day earlier, at 451.19 as many large-cap stocks experienced poor performance.

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