NovaGroup, Bui Cao Nhat Quan to buy 10 million Novaland shares

NovaWorld Phan Thiet (Binh Thuan) - Economic and tourism urban of Novaland. Photo courtesy of NovaGroup

Hanoi, (VNA) - NovaGroup Joint Stock Company (NovaGroup) has just registered to buy 8 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 37.0200%. If the purchase of an additional 8 million shares of NVL is completed as planned, NovaGroup's ownership rate in Novaland will increase to over 37.4%, equivalent to 729,830,010 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 2 million shares of Novaland, planning to increase his stake to 83,242,008 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 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 Nhon and his family, along with the Board of Directors, to continuing to lead and strengthen the  development of Group and other members within the Group, thus ensuring a better growth ecosystem according to the set roadmap, bringing optimal efficiency to customers, investors as well as contributing to the sustainable development of the community and society./.