Board member to sell nearly 2.3M Novaland shares

By Dat Nguyen January 26, 2023 | 11:44 pm PT

An artist's impression of shophouses at NovaWorld Phan Thiet, a project developed by Novaland. Photo courtesy of Novaland

Novaland director Hoang Thu Chau has registered to sell 2.28 million shares of the company, which will reduce her stake in it by more than a third.

The deal, to be completed in between February 1 and March 2, is likely to fetch her VND32 billion ($1.36 million) based on the NVL share’s current market price.

The deal is set to reducer her stake in the company from 0.325% to 0.208%.

Chau is also the CEO of Novagroup, the biggest shareholder in Novaland with a 29.4% stake.

At Novaland she has held key positions such as head of accounting and deputy CEO before becoming a member of the board in 2016.

NVL has been trading at VND13,500-15,500 for the last four weeks.

In November stock brokerages forced NovaGroup chairman Bui Thanh Nhon's wife to sell 29 million shares, reducing her stake by a third.

The share price did not rise even once over 24 sessions around that period.