NovaGroup, the biggest shareholder of property developer Novaland, will sell 150 million Novaland shares (NVL) slated for Nov. 30-Dec. 29, it said Thursday.
After the share sales, NovaGroup’s ownership in Novaland will drop to 28.76% from the current 36.46%.
NovaGroup told the HCM Stock Exchange that the sales will increse funding for its corporate bond processing, bringing the financial ratio to a safe level.
NovaGroup is working with leading consulting firms like EY Vietnam and KPMG to have an overall assessment of the situation and a comprehensive restructuring solution.
NVL tickers have faced 22 consecutive sessions without an increase in price, of which the last 16 sessions all closed at the floor price and there were no buyers.
NVL closed Thursday at VND21,950 ($0.88), down more than 70% after a month. The ticker closed on the floor with a 6.8% decline on Friday.
NVL liquidity is low as on average each session orders for selling and buying no more than one million shares were matched. But on Nov. 22, over 128 million NVL shares worth nearly VND3.3 trillion changed hands.
NVL has been closing at floor price since November 3, pushing the group’s chairman Bui Thanh Nhon out of the Forbes billionaire list and from the top 20 richest people on the Vietnam stock market.
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