Mr. Bui Thanh Nhon's family ownership in Novaland may fall below 45%

NovaGroup has just registered to sell more than 136 million Novaland shares in June and July, after completing the sale of 14.4 million shares last month.

NovaGroup is an organization related to Mr. Bui Thanh Nhon, Chairman of the Board of Directors of Novaland. In a recent announcement sent to the Ho Chi Minh City Stock Exchange (HoSE), NovaGroup said it would sell more than 136 million shares between June 16 and July 14 to balance its investment portfolio and support debt restructuring.

With the market price in this morning's trading session of more than 15,000 VND, it is estimated that NovaGroup can earn more than 2,000 billion VND from divestment.

If this transaction is successful, NovaGroup will reduce its ownership in Novaland to more than 403 million shares, equivalent to 20.68% of charter capital. Ownership of Mr. Nhon's family (including Mr. Nhon, his wife, two children and two related companies) in Novaland will decrease to 43.6%.

NovaGroup’s announcement of the share sale comes as NVL’s stock price is trading at its highest level since the beginning of the year. The code closed the session on June 13 at VND15,600, up more than 50% from the bottom set in early March.

Since the beginning of the year, two private companies with Mr. Bui Thanh Nhon as Chairman of the Board of Directors have continuously sold shares.

Previously, in May, Diamond Properties Joint Stock Company sold more than 4.5 million NVL shares. At the same time, NovaGroup also sold more than 14.4 million shares. On the other hand, Ms. Bui Cao Ngoc Quynh - Mr. Nhon's daughter, registered to buy 3.45 million shares in June.

Minh Son

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