Novaland to See 7% Stake Sold by NovaGroup

Novaland to See 7% Stake Sold by NovaGroup

NovaGroup, an investment firm, has filed with the Ho Chi Minh Stock Exchange to sell a 7% stake in its property affiliate, Novaland. The sale will involve over 136 million shares and is expected to take place between June 16 and July 14. Following the sale, NovaGroup’s ownership in Novaland will decrease from 27.67% to 20.68%. The company stated that it is selling the shares to balance its investment portfolio and restructure debts and other obligations.

Bui Thanh Nhon, the chairman of both NovaGroup and Novaland, owns a significant stake in Novaland through his family, NovaGroup, and Diamond Properties. However, it is not known how much stake he owns in NovaGroup since it is privately held. After the sale, the group’s ownership in Novaland will fall from 50.5% to 43.6%. Based on Novaland’s Wednesday closing price of VND15,200, NovaGroup will receive over VND2 trillion ($85.08 million) from the deal.

Novaland’s share price has risen by over 50% since March and is currently hovering around year highs. In May, Diamond Properties and NovaGroup sold 4.5 million and 14.4 million Novaland shares, respectively. However, Bui Cao Ngoc Quynh, Nhon’s daughter, has registered to purchase 3.45 million Novaland shares this month.

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