Novaland (NVL) plans maximum loss of 688 billion, cancels issuance of over 1.3 billion shares, replaces with 350 million private shares

NovaLand (NVL) plans to incur a loss of 12 to 688 billion VND in 2025, depending on the legal issues resolved. The Annual General Meeting is set for April 24, 2025, with projected revenues ranging from 10,453 to 13,411 billion VND. The Board aims to cancel the plan to issue over 1.3 billion shares and instead issue 350 million private shares to up to 20 investors at a minimum price of 10,000 VND/share. The funds raised will be used to pay off debts, operational expenses, and bolster working capital. NovaLand will also present a restructuring plan for its 300 million USD convertible bond, after negotiating with bondholders for debt extension. Given the unfavorable market conditions, the company adjusts its issuance plans to safeguard shareholder interests.