Citigroup converts $1 mln worth of bonds in Novaland to 271,000 shares

The conversion price, according to a Novaland statement dated November 22, was at VND85,000 ($3.42), while shares were trading at VND21,950 as of 0431 GMT on Thursday, the lowest level since the company listed on Ho Chi Minh Stock Exchange.

Trading of company shares were lack luster over the past month, data from Ho Chi Minh Stock Exchange shows. However, a large volume of 128 million shares of the company was traded on the day of conversion.

Founded in 2007, Novaland is active mostly in residential property and luxury resorts. The company's share value has dropped nearly 76% since the beginning of this year.

Novaland has been the biggest issuer of corporate bonds among Vietnam's property firms this year, says industry body Vietnam Bond Market Association, placing debt worth VND9,857 billion ($396.3 million).

In a separate statement, Novaland said it has actively worked with both domestic and international financial institutions to ensure financial health and to be fully prepared for the upcoming period.