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Tuesday, June 25, 2024

Novaland to contribute nearly VND5.9 trillion to three subsidiaries

The Saigon Times

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HCMC – No Va Land Investment Group Corporation (Novaland-NVL) has passed a plan to use nearly VND5.9 trillion from a bond issue to fund three of its subsidiaries.

In specifics, over VND3.9 trillion will be contributed to Nova Hospitality JSC, VND1.15 trillion to No Va Land Investment JSC and VND800 billion to No Va My Dinh Land JSC.

The capital will be used to conduct investment and business plans of Novaland through its subsidiaries.

If needed, the board of Novaland will adjust the funding plan.

Late last month, Novaland approved the establishment of its subsidiary Novaland Dat Tam Land Investment Co., Ltd with charter capital of VND100 billion, with VND51 billion coming from Novaland.

As of the end of 2021, Novaland has had 86 subsidiaries and eight affiliated companies, mainly in the real estate and short-term lodging service sectors.

Today, March 3, NVL closed up 2.09% at VND78,000.

On the Hochiminh Stock Exchange, the VN-Index added 19.48 points, or 1.31%, at 1,505 points with winning stocks outnumbering losing ones by 337 to 115.

Some 929.2 million shares worth over VND30.1 trillion were traded on the southern market, inching down slightly in both volume and value compared with the previous session.

On the Hanoi bourse, the HNX-Index gained 7.06 points, or 1.6%, at 449.31 points. The exchange saw more than 119.3 million shares valued at VND3.5 trillion changing hands.

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