Former billionaire Bui Thanh Nhon has returned to chair the board of property developer Novaland amid a major restructuring as its stock trades at historic lows.
Nhon, who is also chairman of NovaGroup – the biggest shareholder in Novaland – took over the position after turning it over to Bui Xuan Huy for more than a year.
The return of Nhon was announced in November when he said that a “businessman needs to face difficulties and challenges.”
The company will comply with Vietnamese laws and focus on its expertise to “shine again” and bring happiness to millions of customers, he added at the time.
Novaland is discussing with leading financial service companies such as KPMG, E&Y Parthenon and Deloitte the restructuring of the company by making changes in the organizational chart and in its growth strategy.
“Facing difficulties and challenges, with the support and advice of many professional partners, the company is conducting a comprehensive restructuring of the group to provide effective management solutions, focusing on operations and core business activities and ensuring the interests of customers and stakeholders,” the company said in a statement.
Novaland saw revenue plunge 25% to VND11.15 trillion ($475.48 million) last year, and post-tax profit fall 34% to VND2.29 trillion.
Starting from the end of September the company stock NVL has been dipping and is now trading at a historic low of VND14,700 per share.
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