Novaland Group Joint Stock Company (NVL) has just issued a statement addressing rumors that Mr. Bui Thanh Nhon has resigned as Chairman of the company.

Accordingly, Novaland stated that it is currently maintaining stable production and business operations and there has been no disruption to the company's leadership team.

Novaland stated that on January 14, 2025, false information regarding Novaland's leadership was published in the media. Specifically, it mentioned that Mr. Bui Thanh Nhon had submitted a resignation letter from his position as Chairman of the Board of Directors of Novaland Group, and simultaneously resigned from the Board of Directors of the Group effective January 20.

Novaland asserts that this information is fabricated, completely false, and causes serious misunderstanding among Novaland's customers, partners, shareholders, and investors, creating a public uproar.

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Mr. Bui Thanh Nhon - Chairman of Novaland. Photo: NVL

Currently, Novaland maintains stable production and business operations, with no disruption to its leadership team. Mr. Bui Thanh Nhon, Chairman of the Board of Directors of Novaland Group, remains in his position, directly overseeing and guiding the Group's activities.

Novaland also affirmed that it is aggressively working to recover and fulfill its commitments to ensure the best interests of all stakeholders.

Currently, Mr. Bui Thanh Nhon directly holds 96.8 million NVL shares. The group of shareholders related to Mr. Nhon currently owns a total of 38.6% of the company's capital.

On January 14th, shares of Novaland Group's NVL stock fell for the fourth consecutive session, losing nearly 5.7% and reaching an all-time low of 8,950 VND/share. Prior to this, on January 10th, for the first time since its listing at the end of 2016, Novaland shares fell below par value, losing the 10,000 VND/share mark.

NVL shares fell after the company's Board of Directors adjusted the price and conversion ratio for the $300 million international bond issue for the fifth time, from VND 40,000 to VND 36,000 per share, but it is still more than four times higher than the price on January 14th.

Over the past month, NLV has fallen 12%, and over the past year it has decreased by approximately 50%. Compared to the price of VND 92,500/share in mid-2021, Novaland shares have fallen by more than 90%.

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