After Bui Cao Nhat Quan, NovaGroup Registers to Sell Shares, Bui Thanh Nhon’s Group Approaches Voting Threshold at Novaland

CTCP NovaGroup has registered to sell 5 million Novaland shares (NVL) to balance its investment portfolio and support debt restructuring. If successful, NovaGroup’s ownership in Novaland will decline to 17.37%. Previously, Bui Cao Nhat Quan, son of Bui Thanh Nhon, also registered to sell 2.9 million shares for personal reasons. The Nhon’s group holds 38.64% of Novaland’s shares, nearing the 36% voting threshold. Novaland has faced financial difficulties, recording a doubling in revenue for 2024 but still posting substantial losses due to provisions. The company is also experiencing issues with bond payments and is negotiating with investors. The NVL stock has rebounded nearly 24% year-to-date, with a market capitalization of 21 trillion VND.