NovaGroup, chairman's son to buy 10 million Novaland shares

Friday, Oct 14, 2022 09:52

NovaWorld Phan Thiet – economic and tourism urban of Novaland in Binh Thuan Province. — Photo NovaGroup

NovaGroup Joint Stock Company (NovaGroup) has just registered to buy eight million shares of No Va Real Estate Investment Group Joint Stock Company (Novaland) by a transfer of share ownership.

NovaGroup is currently the largest shareholder in Novaland with the ownership ratio of 37.02 per cent. If the purchase of an additional eight million shares of NVL is completed as planned, NovaGroup's ownership rate in Novaland will increase to over 37.4 per cent, equivalent to 729.8 million shares.

Bui Cao Nhat Quan, son of Bui Thanh Nhon – Chairman of the Board of Directors of NovaGroup, has also registered to buy an additional two million shares of Novaland, planning to increase his stake to 83.2 million shares.

Recently, NovaGroup has also increased its direct ownership in Novaland when Bui Thanh Nhon and his wife Cao Thi Ngoc Suong 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 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 synchronise with the NovaGroup’s ecosystem including eight member corporations: Novaland, Nova Service, Nova Consumer, Nova Tech, Nova Capital Partners, Nova Logistic, Nova Industry, and Nova Finance. The business restructuring was clearly planned in advance, widely announced and implemented via various phases. — VNS

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