Novaland enters the seafood industry.

Novaland is expanding into the seafood industry as its subsidiary, Ngan Hiep, acquires a 24% stake in Seaprodex, realizing its strategy of diversifying its business ecosystem.

According to a report submitted to the State Securities Commission (SSC) on December 29th, Ngan Hiep Real Estate Joint Stock Company confirmed the completion of the purchase of over 30 million SEA shares on December 23rd. This transaction makes Ngan Hiep a major shareholder of Seaprodex with an ownership stake of 24.03%.

Ngan Hiep is a subsidiary of Novaland, which holds 99.98% of the capital. This company is also the investor of two phases, Wonderland and Habana Island, within the NovaWorld Ho Tram project, where more than 200 products have been delivered to the market.

Seaprodex is a state-owned enterprise with a long history dating back to 1976, operating throughout the entire value chain from fishing and aquaculture to processing and exporting seafood. During the centrally planned economy era, Seaprodex played a leading role in Vietnam's seafood industry, serving as a key export hub to markets such as Japan, Europe, and the former Soviet Union.

Seaprodex's shareholder structure has undergone significant changes since the beginning of 2024. Major players like Gelex Group and SSG, who initially invested, quickly withdrew. Currently, the State Capital Investment and Business Corporation (SCIC) remains the controlling shareholder with 63.38% of the capital.

The chart shows Seaprodex's revenue and profit trends over the past decade. Photo: VnExpress.

Notably, this is not the first time Novaland has participated in Seaprodex. At the end of 2023, another subsidiary, Nova Hospitality, had previously acquired 18.64% of SEA's capital but sold it after only half a month, making way for HD Fund Management Company.

Explaining this move, a Novaland representative stated that the acquisition of shares by Ngan Hiep is a long-term investment aimed at diversifying the ecosystem. The group is actively seeking suitable investment opportunities to prepare for a new growth cycle after the basic restructuring process is completed. Currently, Novaland's key projects are experiencing positive legal developments and have received funding commitments from banks, helping construction and handover activities (over 6,000 products) to resume.

In terms of financial performance, Novaland achieved consolidated net revenue of VND 5,398 billion in the first nine months of the year. Of this, sales revenue increased by 33%, reaching nearly VND 4,956 billion, thanks to efforts to hand over units at major projects such as NovaWorld Phan Thiet, Aqua City, and Sunrise Riverside. However, due to a decline in financial revenue, the Group recorded a loss of VND 1,820 billion.

As of the reporting date, Novaland's total outstanding debt stands at over VND 64,000 billion, including approximately VND 32,000 billion in short-term debt. The company affirms that it is implementing a comprehensive set of solutions to address each specific debt category in order to ensure maximum protection of investors' interests.

Source: https://nongnghiepmoitruong.vn/novaland-gia-nhap-nganh-thuy-san-d791917.html