NovaGroup registers to sell 43 mln Novaland shares
NovaGroup has registered to sell 43 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 agreement methods from August 18 to September 15.

Novaland's head office at 65 Nguyen Du street, District 1, HCMC. Photo courtesy of the company.
If the transaction is successful, Novagroup will reduce its ownership in Novaland from 451.59 million shares, equal to 23.157%, to 408.59 million shares, equal to 20.952%.
Previously, from June 16 to July 14, Novagroup sold 83 million NVL shares out of 136 million shares registered by order matching and put through methods. The reason for not completing the transaction given by Novagroup was "the company changed the transaction time to match the plan to support debt restructuring".
Novaland reported net revenue of VND1.05 billion ($43.9 million) in the second quarter of the year, down 61% year-on-year and a loss of VND200 billion ($8.4 million).
The company said that the decrease in revenue compared to the same period last year was partly due to the general trend in the real estate market.
In the first six months, Novaland posted a net revenue of over VND1.64 trillion ($68.8 million) and a loss of VND611 billion ($25.6 million), while in the same period last year it made a profit of nearly VND1.82 trillion ($76.1 million).
Chairman Bui Thanh Nhon said at the company’s annual general meeting of shareholders (AGM) on June 22: "With determination and concerted efforts, Novaland will see business activities recover in the third quarter of 2023."
The AGM approved revenue and after-tax profit targets of VND9.53 trillion ($405.78 million) and post-tax profit of VND214 billion ($9.11 million) in 2023, down 14.5% and 90% year-on-year, respectively.
Amid numerous difficulties and challenges, Novaland has attempted comprehensive restructuring with specific actions including selling assets to repay debts, turning debt into shares and assets, and controlling capital sources, Nhon said.
He said Novaland will not pay dividends in 2022 and 2023 and instead spend the capital on its core business activities.
The chairman reiterated that the company's top priorities in restructuring are to reschedule debt repayment deadlines; solve problems and fulfil commitments to customers; create new cash flows to restore production and business activities; and complete construction and handover of products to customers in line with commitments.
On the HoSE, NVL finished at VND19,250 ($0.81) per unit on Friday's close.
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