Why does Novagroup continue to register to sell 136.4 million Novaland shares?

Novagroup Corporation has registered to sell 136.4 million NVL shares of No Va Real Estate Investment Corporation ( Novaland ). The implementation period is from June 16 to July 14.

If this transaction is successful, NovaGroup will reduce its ownership in Novaland to 20.6%, equivalent to 403.3 million shares.

Previously, NovaGroup also announced that it had sold 14.4 million NVL shares out of a total of 69.6 million units registered for sale. At the same time, Diamond Properties Company, which is related to Mr. Bui Thanh Nhon, Chairman of the Board of Directors of Novaland, also sold 4.5 million NVL shares out of 18.4 million units registered for sale.

According to the explanation of these two units, the reason for not completing the transaction as registered is due to changing the transaction time to suit the company's debt restructuring plan.

Currently, the largest shareholder at Novaland is Novagroup with 27.675% of shares, Diamond Properties holds 10.1% of capital at Novaland. Ms. Cao Thi Ngoc Suong - Mr. Nhon's wife owns 50.8 million NVL shares, equivalent to 2.6%; Mr. Bui Cao Nhat Quan (Mr. Nhon's son) and Ms. Bui Cao Ngoc Quynh (Mr. Nhon's daughter) and Mr. Bui Thanh Nhon hold 78.2 million NVL shares, equivalent to 4% and 21.6 million NVL shares, equivalent to 1.11% respectively.

Thus, Mr. Bui Thanh Nhon’s family and related organizations are holding a total of 50.5% of Novaland’s charter capital. If NovaGroup sells all of its registered shares, the group of shareholders related to Mr. Bui Thanh Nhon will reduce their ownership ratio at Novaland to below 49%.

On the stock market, NVL stock price has increased quite well recently. On June 13, NVL hit the ceiling with 77 million matched units.

Source: https://nld.com.vn/kinh-te/vi-sao-novagroup-tiep-tuc-dang-ky-ban-ra-1364-trieu-co-phieu-novaland-20230614135920529.htm