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Friday, June 14, 2024

Novaland’s major shareholders continue selling shares

The Saigon Times

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HCMC – Novagroup JSC has announced plans to sell 4.4 million NVL shares of No Va Land Investment Group Corporation (Novaland) from March 29 to April 5 to rebalance its investment portfolio and restructure debt.

This share sale will send Novagroup’s stake in Novaland down to 358 million shares, or a 18.371% stake.

This move comes after Novagroup’s successful sale on March 4 of 4.4 million NVL shares through order matching.

Another major shareholder associated with Novagroup Chairman Bui Thanh Nhon, Diamond Properties JSC, sold four million NVL shares on March 18, reducing its ownership in Novaland to nearly 171.4 million shares, or an 8.79% stake.

Since November 2022, Novagroup has sold over 259 million NVL shares to raise funds for addressing issues related to its bonds and restructuring plan.

Regarding Novaland’s performance, the company reported a 57.2% decline in revenue to VND4.8 trillion in 2023 and its after-tax profit decreased by 68.8% year-on-year to VND684.8 billion.

Closing the trading session today, March 27, NVL edged up by 1.40% to VND18,100, with 43.8 million shares changing hands. It was the most actively traded stock on the Hochiminh Stock Exchange.

With 244 winners and 209 losers, the VN-Index moved sideways, increasing marginally 0.88 points, or 0.07%, to 1,283.09 points.

Over 919.3 million shares worth VND24 trillion changed hands, including 116 million shares valued at more than VND2.7 trillion traded in block deals.

On the Hanoi Stock Exchange, the HNX-Index saw a modest gain of 0.34%, closing up 0.82 points to 242.85 points, with 103 advancers and 64 decliners. Trade on the northern exchange amounted to nearly 84.6 million shares worth VND1.8 trillion.

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