NovaGroup chairman's wife forced to sell one-third stake in NVL

By Dat Nguyen November 29, 2022 | 09:20 pm PT

An artist's impression of a residential project developed by NovaLand. Photo courtesy of the company

Stock brokerages have forced NovaGroup chairman Bui Thanh Nhon's wife to sell 29 million shares of Novaland, reducing her stake in it by a third.

Cao Thi Ngoc Suong’s ownership has fallen from 4.27% to 2.78%, according to a company filing, which did not specify why she was forced to sell the NVL shares.

A brokerage typically requires shares to be sold if it issues a margin call and the investor is unable to cough up the money.

Suong’s sale was estimated to be worth VND1.2 trillion ($48.5 million) based on Tuesday’s closing price.

Nhon’s son Bui Cao Nhat Quan recently sold five million NVL shares to reduce his stake from 4.27% to 4.13%.

NovaGroup also said it sold over 12.7 million NVL shares a week ago.

The share fell for 18 straight sessions until last Friday, 17 of them to the floor.

Brokerages said NovaGroup, the biggest stakeholder in Novaland, has found a buyer for 150 million NVL shares in December, and this has helped end its losing streak.