Novaland completes transfer of shares in 'vital' project Aqua City

Novaland suddenly transferred capital at Aqua City, a 1,000ha project of Novaland in Dong Nai - Photo: NGOC HIEN

The financial report for the first quarter of 2025 of No Va Real Estate Investment Group Joint Stock Company (Novaland, stock code NVL) shows that in recent months, Novaland has completed transactions to sell capital in its subsidiaries.

According to the report, in the last quarter, Novaland completed the sale of 19% of charter capital at Aqua City Company Limited - the investor of the 1,000-hectare Aqua City project in Dong Nai.

After this deal, Novaland's ownership ratio at Aqua City LLC decreased from nearly 70% to 51%, with a transfer value of VND973 billion.

The difference between the total transfer value and the book value has been recorded by Novaland in undistributed profit after tax on the consolidated balance sheet.

Aqua City is a large-scale project, and Novaland Chairman Bui Thanh Nhon once directly proposed to the Prime Minister to choose this urban area for the Prime Minister's working group to pilot the removal of difficulties. Mr. Nhon once affirmed that if Aqua City is removed, it will be the key to removing other difficulties of Novaland.

The partner receiving the 19% transfer of Novaland is Thien Ha Investment Trade Service Joint Stock Company, this enterprise shares the same address with Novaland at 65 Nguyen Du, Ben Nghe Ward, District 1, Ho Chi Minh City.

According to Tuoi Tre Online 's research, Thien Ha Company has a charter capital of 221 billion VND, founded by three shareholders: Ms. Duong Thi Hanh (born in 1985), Nguyen Anh Thu (born in 1984) and Nguyen Thi Nghia (born in 1992).

The legal representative and chairman of the board of directors of this enterprise is Mr. Pham Trong Dat, a businessman born in 1997.

In addition to the transfer of the Aqua City project, in the last quarter, Novaland completed the transfer of more than 7.635% of capital at No Va My Dinh Real Estate Company Limited and reduced its holding ratio in a group of related companies including Dinh Phat Real Estate Company (from 67.13% to 59.5%), 350 Real Estate Investment and Development Company Limited (from 67.14% to 59.5%), CQ89 Real Estate Investment and Development Company Limited (from 66.86% to 59.26%), Thanh My Loi Joint Stock Company (from 51.48% to 47.23%).

The total transfer value is more than 1,641 billion VND.

On the other hand, with its group of affiliated companies, Novaland has also spent more than VND1,400 billion to invest in Vung Tau Investment Company Limited - a business operating in the real estate business. Vung Tau Investment Company Limited is the investor of the Binh Chau hot spring resort project (scale of 300 hectares), part of the NovaWorld Ho Tram complex in Ba Ria - Vung Tau.

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NGOC HIEN

Source: https://tuoitre.vn/novaland-sang-tay-xong-co-phan-tai-du-an-song-con-aqua-city-20250507222400644.htm