NovaGroup registers to sell 136 mln Novaland shares
NovaGroup has registered to sell 136.4 million shares in Novaland (NVL), a leading property developer in Vietnam, to balance its investment portfolio and support its debt structure and other obligations.
The transaction is expected to be executed through order matching and/or agreement methods from June 16 to July 14.

Novaland's head office at 65 Nguyen Du street, District 1, Ho Chi Minh City. Photo courtesy of the company.
NovaGroup is currently the largest shareholder in Novaland. If the transaction is successful, NovaGroup's ownership in Novaland will fall to 20.68% of the firm's charter capital, equivalent to 403.3 million shares.
In addition to being a major shareholder, NovaGroup also has ties with the chairman of Novaland, Bui Thanh Nhon, who currently holds nearly 96.8 million shares in NVL, equal to a 4.96% stake.
Previously, NovaGroup announced that it had sold 14.4 million shares in NVL from May 10 to June 8, out of a total of the 69.6 million registered.
In addition, Diamond Properties JSC, another major shareholder, sold more than 4.54 million shares in NVL from May 9 to June 1, and reduced its ownership to more than 197 million shares, or 10.1%.
In 2023, Novaland has targeted revenue of VND9.53 trillion ($405.78 million), and post-tax profit of VND214 billion ($9.11 million), down 14.5% and 90% year-on-year, respectively.
The figures will be officially released at the company's annual general meeting of shareholders (AGM) on June 22.
Novaland posted a loss of VND410 billion ($17.46 million) in Q1, the first loss since the company began releasing its financial indices in 2016. In the same period last year, it made a profit of more than VND1.05 trillion ($44.5 million).
The Ho Chi Minh City-based firm’s net revenue fell to VND604 billion ($25.7 million), down 69% year-on-year, its lowest revenue since Q4/2016.
The company, listed on the Ho Chi Minh Stock Exchange, finished at VND15,200 ($0.65) on Wednesday.
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