Nam Long Investment Corporation (HoSE: NLG) has just announced a document related to stock transactions of insiders and related parties. Accordingly, major shareholder Ibeworth Pte. Ltd – an organization 100% owned by Keppel Land Limited (Singapore) – has registered to sell all of more than 29.4 million NLG shares, equivalent to 7.64% of charter capital.
The purpose of the transaction is to restructure the investment portfolio. The expected implementation period is from July 24 to August 22 by negotiation.
If the transaction is successful, Ibeworth will no longer hold shares in Nam Long, marking the possibility of completely withdrawing from the position of the second largest shareholder, only after Chairman Nguyen Xuan Quang, who currently owns 9.47% of charter capital.
Provisionally calculated at the closing price on July 21 of VND40,000/share, the deal could bring Ibeworth about VND1,176 billion.
Ibeworth is currently represented by Mr. Joseph Low Kar Yew – Member of Nam Long Board of Directors – who is also Chairman of Keppel Land Vietnam. Previously, at the end of 2024, this organization sold 2 million NLG shares for the reason of restructuring the portfolio.
It is known that through Ibeworth - Keppel Land became a strategic shareholder of Nam Long in 2015 when participating in the purchase of 7.1 million shares in a private offering. Thus, after nearly a decade of association, Keppel Land is gradually divesting from this real estate enterprise.
Notably, the entire transaction is expected to be conducted by negotiation – indicating a high possibility that Keppel Land has found a partner to accept the transfer.
In addition to Ibeworth's transaction, Mr. Nguyen Xuan Quang - Chairman of Nam Long's Board of Directors - also sold 2 million NLG shares on July 10 by negotiation, reducing his ownership ratio from 9.99% to 9.47%.
On the other hand, Mr. Quang's two sons, Nguyen Hiep and Nguyen Nam, registered to buy 1 million shares each between July 10 and August 8. If the transaction is completed, Nguyen Hiep will increase his ownership ratio to 1%, and Nguyen Nam will increase it to 0.83%.
Regarding business activities, in the first quarter of 2025, Nam Long recorded net revenue of nearly VND 1,291 billion, a strong growth compared to the same period. The majority of revenue came from real estate transfers with more than VND 1,200 billion, an increase of more than seven times thanks to the handover of products at Akari City Phase 2, Nam Long Central Lake and EHomeS Can Tho .
Profit after tax in the period reached nearly 110 billion VND, a significant improvement compared to the loss of more than 65 billion VND in the same period last year.
After a promising start, Nam Long continues to expand its business to the Northern region. Recently, the company announced the launch of the An Zen Residences project in Hai Phong – Nam Long’s first project in the North. The project belongs to the EHome line, covering nearly 1.5 hectares, including three 18-storey buildings with a total of 887 apartments.
In the South, the company continues to implement large-scale projects such as WaterPoint (355 hectares, Long An ), Izumi City (170 hectares, Dong Nai), Mizuki Park (26 hectares, Ho Chi Minh City), and Nam Long II Central Lake (43.8 hectares, Can Tho).
Ibeworth's move to divest all of its capital from Nam Long comes as Keppel Land continues to withdraw from many real estate investments in Vietnam. Most recently, the Singaporean group sold 22.6% of its shares in the Saigon Centre Phase 3 project (District 1, Ho Chi Minh City), earning about SGD 98 million (equivalent to VND 1,930 billion).
Previously, in early April, Keppel also announced that it had completed the divestment of 42% of its capital in Nam Rach Chiec City LLC - the investor of the Palm City project - to Gateway Thu Thiem Joint Stock Company, with a transaction value of approximately SGD 141 million.
Source: https://khoahocdoisong.vn/ibeworth-muon-thoai-het-294-trieu-co-phieu-nlg-post1556623.html
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