If the transaction is successful, NovaGroup's ownership rate in Novaland (Stock Code: NVL) will increase by more than 37.4%.
NovaGroup Joint Stock Company (NovaGroup) has just registered to buy 8 million shares of No Va Real Estate Investment Group Joint Stock Company (Novaland – Stock code: NVL) by a transfer of share ownership through Stock Exchange’s system.
The expected trading time starts from October 14, 2022. The purpose is to increase the ownership rate. NovaGroup is currently the largest shareholder in Novaland with the ownership ratio of 37.0200%. If the purchase of an additional 8 million shares of NVL is completed as planned, NovaGroup's ownership rate in Novaland will be over 37.4%, equivalent to 729,830,010 shares. On the same day, Mr. Bui Cao Nhat Quan (son of Mr. Bui Thanh Nhon - Chairman of the Board of Directors of NovaGroup) has also registered to buy an additional 2 million shares of NVL, planning to increase his number of NVL shares to 83,242,008 shares.
Recently, NovaGroup has also increased its direct ownership in Novaland when Mr. Bui Thanh Nhon and Ms. Cao Thi Ngoc Suong (Mr. Nhon's wife) completed the agreement to swap Novaland's shares (NVL) to NovaGroup instead of public tender offering. This was approved at Novaland's Annual General Meeting of Shareholders in 2021 in accordance with Resolution No. 15/2021-NQ.DHDCD-NVL dated April 27, 2021 and does not reduce direct and indirect ownership rates relating to voting rights in Novaland.
This ownership structure is part of the restructuring process to synchronize with the NovaGroup’s ecosystem including 8 member corporations: Novaland, Nova Service, Nova Consumer, Nova Tech, Nova Capital Partners, Nova Logistic, Nova Industry, Nova Finance. The business restructuring was clearly planned in advance, widely announced and implemented via previous phases.
Continuing to increase NovaGroup's ownership in Novaland shows the commitment of NovaGroup as well as Mr. Nhon and his family, along with the Board of Directors continue to lead and strengthen the development of Group and other members within the Group to grow markedly, ensure a better growth ecosystem according to the set roadmap, bring optimal efficiency to Customers, Investors as well as contribute to the sustainable development of the community and society.