Novaland to redeem 10-year bonds prematurely

The redemption is expected to cost around VND2.35 trillion (US$96.49 million) though the final value will only be determined through negotiations with the bond owners.

Issued in May last year, they have coupon rates of 10% and 8%.

With the property market in a long slump, Novaland has been facing challenges and has undergone major leadership changes this year.

Chairman Bui Xuan Huy resigned in February, and and NovaGroup chairman Bui Thanh Nhon returned in his place a year after handing over the job to him.

The company appointed Malaysian Dennis Ng Teck Yow as its first foreign CEO.

Novaland reported revenues of VND11.15 trillion and after-tax profits of VND2.29 trillion last year, 25% and 34% down from 2021.