No Va Real Estate Investment Group Joint Stock Company ( Novaland - code: NVL) has just sent a document to the State Securities Commission, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange requesting an extension of the time to announce the audited financial statements for 2022. Specifically, the expected extension date is April 15.
The group said it is stabilizing its production and business activities and is gradually restructuring the enterprise. The auditor needs more time to conduct audit procedures and collect and evaluate additional relevant information to complete the audit of Novaland's financial statements.
Along with the unusual developments of the real estate market in 2022, Novaland faces many challenges related to cash flow as well as production and business activities.
Recently, NovaGroup Joint Stock Company registered to sell 38 million shares of Novaland with the aim of balancing its investment portfolio and supporting debt restructuring. If the transaction is completed, the company's stake in Novaland will decrease from 573 million shares (equivalent to 29.28%) to 535 million shares (equivalent to 27.43% of shares). At a provisional price of VND12,700/share on March 27, the amount of shares NovaGroup registered to sell is worth about VND482.6 billion. Previously, on December 29, 2022, NovaGroup sold nearly 98 million NVL shares, estimated to earn more than VND2,000 billion.
In addition, on March 27, Novaland announced information about successfully reaching an agreement to extend the time for 3 bond lots NVLH2123010, NVLH2124002, NVL2224006 with a total face value of VND 2,750 billion.
Novaland shareholders have also recently approved a series of proposals for written opinions on March 23. Notably, there are two issuance options to increase charter capital. The first is to privately offer more than 975 million shares at a price not lower than VND10,000/share to strategic investors and professional securities investors. The expected revenue if the offering is successful is VND9,750 billion.
The second is to offer an additional 1.95 billion shares to existing shareholders, at a price not lower than VND10,000/share. If successful, it could earn VND19,501 billion.
Thus, if the two issuances are successful, Novaland will earn about VND 29,251 billion.
Along with the cash flow arrangements, Novaland's senior personnel structure also underwent major changes. Mr. Bui Xuan Huy and Ms. Hoang Thu Chau resigned from their positions as Board of Directors members. New Board members for the 2021-2026 term nominated by shareholders include Ms. Do Thi Phuong Lan and Mr. Nguyen Tran Dang Phuoc.
Ms. Phuong Lan is currently the Chairwoman of the Board of Directors, Investment Director, and General Director of Red Investment Fund Management Joint Stock Company. Mr. Dang Phuoc is currently an independent member of the Board of Directors and Chairman of the Audit Committee of Red Investment Fund Management Joint Stock Company.
On March 17, Novaland announced that Mr. Dennis Ng Teck Yow, former general director of Gamuda Land Vietnam, will take over the position of general director of Novaland, replacing Mr. Nguyen Ngoc Huyen.
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