Novaland Joint Stock Company (stock code NVL) reported a loss of 442 billion VND in its Q1 2025 financial statement, alongside a high debt burden totaling 185.951 trillion VND, with loans accounted for 59.258 trillion VND. Despite these financial struggles, Novaland invested over 1.4 trillion VND for a 48.84% stake in Vung Tau Investment, a real estate company. Vung Tau Investment is the investor of the Binh Chau Hot Spring Resort project (300 hectares) within the NovaWorld Ho Tram complex. This is not Novaland’s first attempt to acquire Vung Tau Investment; in January 2022, they aimed to transfer nearly 2.86 trillion VND (99.9999% stake), but the plan was halted in July 2023. The recent reinitiation of the deal after three years, focusing on a stake below 50%, indicates Novaland’s strategy adjustment amid ongoing financial difficulties.
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