On March 17, 2024, Novaland announced its inability to timely pay principal and interest on two bond lots (NVLH2123010 and NVLH2123013) worth a total of over 1,200 billion VND due to a lack of funding. The NVLH2123010 bond has a principal value of 1,000 billion VND, an interest rate of 10.5% per year, maturing on March 17, 2025, while the NVLH2123013 bond, valued at 430.7 billion VND, has an increased interest rate of 11.5% per year from March 2023, maturing on March 16, 2025. Additionally, Novaland’s subsidiary, Nova Final Solution, faced similar issues with a bond repayment of nearly 450 billion VND. On the stock market, NVL shares are trading around 11,000 VND/share. Moreover, Bui Cao Nhat Quan, the Chairman’s son, has registered to sell 2.92 million NVL shares. Notably, Novaland also recently received an arbitration ruling concerning a dispute with SID, requiring SID to fulfill its contractual obligations.
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