NovaGroup registers to buy 8 million Novaland shares
NovaGroup registered Tuesday to buy 8 million shares of Novaland (NVL), a leading property developer in Vietnam, to expand its ownership to over 37%.
NovaGroup is currently the largest shareholder of Novaland. If the transaction is successful, NovaGroup's ownership in Novaland will be more than 37.4% of the firm's chartered capital, equivalent to 729.83 million shares.
The timeline for the acquisitions via the Ho Chi Minh Stock Exchange (HoSE) is from October 14 to November 13, 2022.
On the same day, Bui Cao Nhat Quan, son of NovaGroup chairman Bui Thanh Nhon, also registered to buy an additional two million NVL shares. If the transaction is successful, Quan's NVL shares will mount to 83,242,008 or a nearly 4.27% stake.
He currently owns over 81.24 million NVL shares worth approximately VND8,000 billion ($334 million).
Quan graduated from the U.S.'s Western Washington University. He was deputy general director of Novaland from 2007 and the corporation's vice chairman from 2015, but quit all tthe positions in mid 2017. He now acts as a party that ensures bond issuance obligations and holds the control of some companies associated with Novaland.
Previously, NovaGroup had increased its ownership at Novaland to 37.02% when Bui Thanh Nhon and Cao Thi Ngoc Suong, Nhon's wife, enlarged their stakes at NovaGroup by contributing NVL shares to the group.
The two transaction registrations were announced in the context of NVL shares plunging in four consecutive sessions, and NovaGroup chairman Nhon and his wife transferring all their stakes at Novaland to NovaGroup, no longer being major shareholders at the real estate developer.
In the first six months of 2022, Novaland's net revenue was VND4,614 billion ($197 million), down 34.5% year-on-year, while profit after tax decreased 9.7% to VND1,818 billion ($76.16 million).
NVL shares closed Tuesday at VND75,000 ($3.13) per unit, down 1.8% against the reference level.
Novaland's market capitalization was VND146,000 billion ($6.1 billion) on Tuesday, ranking sixth on the HoSE.
One of the most prominent projects of Novaland is NovaWorld Ho Tram. As one of the subdivisions launched at NovaWorld Ho Tram, Habana Island has become a blockbuster thanks to its prime location where the Ray River flows into the sea. Habana Island’s products have both river and ocean views. Overall, the project bears Caribbean cultural characteristics, creating a colorful picture in terms of architecture.
- Read More
Vietnam Aeon's second most important market: exec
Vietnam is retail giant Aeon's second most important market, after Japan, says Kazaoka Takao, chief merchandising officer at Aeon Vietnam.
Companies - Fri, December 13, 2024 | 11:18 pm GMT+7
Thai gov't collaborates with Google to combat cyber threats
The Thai government has intensified efforts to combat severe cyber threats, particularly malicious applications that siphon funds from users' accounts.
Southeast Asia - Fri, December 13, 2024 | 10:25 pm GMT+7
S&P affirms Thailand's BBB+ credit rating with stable outlook
S&P Global Ratings has reaffirmed Thailand’s sovereign credit rating at BBB+ with a stable outlook.
Southeast Asia - Fri, December 13, 2024 | 10:20 pm GMT+7
USD price likely to hit VND25,450 by Q2/2025: StanChart
Standard Chartered forecasts Fed rate cuts, which should lead to a softer-USD bias over the next few quarters, will result in the exchange rate of USD/VND at 25,250 by the end of 2024 and 25,450 by Q2/2025.
Economy - Fri, December 13, 2024 | 10:03 pm GMT+7
ThaiBev earns $1.71 bln revenue from Vietnam in fiscal year 2024
Thailand’s largest beverage firm Thai Beverage (ThaiBev) earned a revenue of THB58,319 million ($1.71 billion) in Vietnam in fiscal year 2024 (ending September 30, 2024), down 2.7% year-on-year.
Companies - Fri, December 13, 2024 | 6:59 pm GMT+7
56.1% of Japanese firms target expansion in Vietnam: survey
As many as 56.1% of Japanese firms aim to expand their activities in Vietnam in the next one to two years, reflecting their stable business confidence, according to a survey of the Japan External Trade Organization (Jetro) for fiscal year 2024.
Economy - Fri, December 13, 2024 | 6:51 pm GMT+7
Former Prime Minister Nguyen Xuan Phuc disciplined
The Politburo, Vietnam’s supreme decision-making body, on Friday issued warnings to former PM Nguyen Xuan Phuc and former Deputy PM Truong Hoa Binh, while reprimanding Truong Thi Mai, former Secretary of the Party Central Committee, for their violations while on duties.
Politics - Fri, December 13, 2024 | 4:33 pm GMT+7
Sun Group breaks ground on $512 mln Aspira Tower project in Phu Quoc
Sun Group, Vietnam's leading real estate developer, recently held a groundbreaking ceremony for the VND13 trillion ($512 million) Aspira Tower project on Hon Thom Island, Phu Quoc, southern Vietnam.
Real Estate - Fri, December 13, 2024 | 3:35 pm GMT+7
Vietnam aims to remove obstacles facing renewable energy projects by Jan 2025
The government strives to solve problems facing renewable energy projects by January 31, 2025, Prime Minister Pham Minh Chinh said at a Thursday conference on the government’s policy to aid such projects.
Energy - Fri, December 13, 2024 | 3:23 pm GMT+7
FDI a driving force for double-digit growth: parliament member
Vietnam's FDI attraction will likely remain "very good" in 2025 thanks to investors' trust in the country's internal strength, says Prof. Dr. Hoang Van Cuong, member of the National Assembly's Finance and Budget Committee.
Economy - Fri, December 13, 2024 | 1:37 pm GMT+7
Vietnamese conglomerate T&T Group becomes strategic shareholder of Vietravel Airlines
T&T SuperPort, T&T Airlines, and BVIM Fund Management JSC, all part of the T&T Group ecosystem, have become strategic shareholders of Vietravel Airlines, a member of travel service provider Vietravel Group.
Economy - Fri, December 13, 2024 | 12:57 pm GMT+7
Vietnam refinery operator to list on HCMC bourse
Binh Son Refining and Petrochemical JSC (BSR), the operator of Vietnam’s first oil refinery, has received the Ho Chi Minh Stock Exchange’s (HoSE) approval to list its BSR shares on the major bourse.
Finance - Fri, December 13, 2024 | 12:45 pm GMT+7
Samsung urges Vietnam to soon issue Investment Support Fund rules
Vietnam should soon issue a decree on the Investment Support Fund, Samsung Vietnam general director Choi Joo Ho said at a Thursday meeting with Vietnamese National Assembly Chairman Tran Thanh Man.
Industries - Fri, December 13, 2024 | 11:17 am GMT+7
Improved domestic manufacturing to drive Vietnam stock market in 2025: brokerage
Vietnam’s stock market in 2025 will be fuelled by the recovery of domestic manufacturing, a key driver of growth, according to broker Mirae Asset.
Finance - Fri, December 13, 2024 | 8:20 am GMT+7
Malaysia eyes to become global medtech hub
Malaysia is on track to become a global medical technology (medtech) hub with its strong policies in attracting and executing the right investments, says Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.
Southeast Asia - Thu, December 12, 2024 | 10:14 pm GMT+7
Malaysia launches national AI office for shaping policy
Malaysia on Thursday launched a national artificial intelligence (AI) office aimed at shaping policies and addressing regulatory issues, as it looks to establish itself as a regional hub for AI development.
Southeast Asia - Thu, December 12, 2024 | 10:10 pm GMT+7
- Consulting
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
AI can be a game changer for Vietnam tourism
-
In trade and investment, ASEAN and China are better together
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?