Novaland chairman's daughter to sell 9M shares

By Tat Dat   May 7, 2024 | 04:00 am PT
Novaland chairman's daughter to sell 9M shares
An artist's impression of a residential project developed by Novaland. Photo courtesy of the company
Novaland chairman Bui Thanh Nhon's daughter Bui Cao Ngoc Quynh has registered to sell over 9 million NVL shares.

The sale, scheduled between May 9 and June 6, is set to reduce her ownership in the company from 1.266% to 0.798%, according to a company disclosure.

Quynh is set to fetch an estimated VND136 billion ($5.35 million) from the transaction.

Shareholders linked to Nhon have sold a total of 33.7 million NVL shares since the beginning of the year. Their ownership are now at 40.2%, down from 60.85% in mid-2022.

Nhon, however, is not "running away" from the company but is managing it directly, Novaland chief financial officer Duong Van Bac said at the company’s general meeting last month.

The share sale is for debt restructuring, he added.

Novaland targets revenues of VND32.6 trillion ($1.29 billion) this year, up seven times from last year, and seeks to double post-tax profits to VND1.08 trillion.

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