Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
The NVL shares will be offered at a price of VND40,000 ($1.53) apiece, more than double Wednesday’s closing price of VND18,200 on the Ho Chi Minh Stock Exchange, said the leadership.

The headquarters of Novaland in Ho Chi Minh City. Photo courtesy of the company.
A proposal seeking shareholder approval for the plan at the upcoming extraordinary general meeting said that the debt comprises 13 bond codes issued between 2021 and 2023, mostly maturing between 2023 and 2025.
These are mainly private bond debts that have remained unresolved since 2023. Due to prolonged business challenges, Novaland has been unable to meet its debt repayment obligations.
The conversion ratio and share pricing are based on NVL’s projected book value by the end of 2024, bondholder support, and market conditions at the time of issuance, the company said, anticipating an improved market price at the time of the swap.
“The leadership remains optimistic about a recovery, especially after several legal hurdles affecting our projects were cleared in Q2, and with continued backing from partners and financial institutions amid the more positive developments of the broader economy,” a Novaland representative stated.
Following shareholder approval, the company will submit the plan to the State Securities Commission (SSC) for review, with implementation targeted for 2026. The new shares will be subject to a one-year lock-up period.
If approved, Ho Chi Minh City-based Novaland’s charter capital would rise to over VND21.02 trillion ($801.66 million). The issuance would represent 7.786% of its current floating shares.
Previously, Novaland announced a separate plan to issue over 168 million shares at VND15,747 each to restructure debts of nearly VND2.65 trillion ($101 million). That price was 13.5% lower than the stock’s Wednesday close.
The buyers in that issuance are primarily NovaGroup and Diamond Properties – entities linked to chairman Bui Thanh Nhon. These shareholders had pledged their NVL shares as collateral for company loans and sold off some to meet debt obligations during difficult periods.
If both issuance plans succeed, the Bui Thanh Nhon-related group would raise its ownership from 37.48% to 42.428%, edging closer to the threshold for veto power at shareholder meetings.
In total, the firm aims to issue nearly 320 million shares, equivalent to more than 16.4% of its floating shares, to repay major shareholders and bondholders.
While Novaland’s revenue has shown improvement, high expenses and tight cash flow continue to weigh on its operations. The company reported a loss of VND666 billion ($25.4 million) in the first half of this year. Its total debt now exceeds VND61.8 trillion ($2.36 billion), with VND32.3 trillion maturing within the next 12 months.
As a result, Novaland said it remains unable to fully repay outstanding debts from 2022 onward and is exploring further restructuring options to be implemented between late 2026 and early 2027.
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