Investors holding international bonds issued by NOVALAND, with a combined value of $300 million, are now required to pay nearly twice the amount for the conversion of these bonds into shares, as per the latest decision from the real estate developer.
The conversion price is currently set at VND77,000 ($3.14) per NVL share, marking a 93% increase from its value in mid-December of the previous year. The conversion ratio stands at one bond per 59,771 shares. This new price range represents a 4.7-fold increase compared to the current market price of NVL at VND16,300.
The value has been fluctuating around this level since investors approved a company plan last month to defer payment on the $300 million worth of bonds issued in 2021. Novaland has been actively engaged in debt restructuring since the previous year.
The company has conveyed its focus on completing ongoing projects to boost revenues, anticipating a recovery in the property sector.
In November of the preceding year, Novaland’s Financial Director, Duong Van Bac, stated that the company had successfully navigated its most challenging period, with the restructuring process reaching 80% completion.
