Novagroup registered to sell another 43 million Novaland shares

Novagroup Joint Stock Company has just registered to sell 43 million NVL shares of No Va Real Estate Investment Group ( Novaland ) from August 18 to September 15. The purpose is to balance the investment portfolio and support the restructuring of debts and other obligations. If the transaction is successful, Novagroup will still hold 408.6 million NVL shares, equivalent to 20.95% of Novaland's charter capital, and will still be the largest shareholder of this group.

Novaland brand is highly appreciated by real estate investors

Previously, between June 16 and July 14, Novagroup successfully sold 83 million NVL shares, much less than the registered number of 136 million shares. The reason for not selling all the registered shares was because "the company changed the transaction time to match the debt restructuring support plan".

Recently, NVL has been considered a typical "phenomenon" of price increase on the stock market. The sharp increase from only 14,000 VND to over 21,000 VND was due to Novaland's announcement that it had overcome the most difficult period after the Government stepped up efforts to remove difficulties and obstacles for projects, along with a series of restructuring activities of this group.

In its second quarter business results report, Novaland's consolidated net revenue reached over VND1,040 billion, up 72% and negative profit of VND201 billion. The company forecasts positive business results in the third quarter of 2023.

The business results report also shows that net revenue from real estate sales handover reached VND927 billion, up 104.8% compared to the first quarter. Specifically, revenue from handovers at projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Palm City, Saigon Royal and Victoria Village.

Notably, Novaland's inventory reached a record high at the end of the second quarter of 2023 with more than VND139,000 billion. Of which, the value of the company's real estate inventory under construction is approximately VND127,800 billion, mainly including land use fees, design consultancy, construction and other costs directly related to the projects. The value of the company's completed real estate inventory is about VND11,100 billion, a decrease of more than VND700 billion compared to the end of last year.

Source: https://nld.com.vn/kinh-te/ngan-hang-nha-nuoc-xac-nhan-se-sua-thong-tu-06-ve-cho-vay-bat-dong-san-20230816083847405.htm