Novaland to mobilise trillions of đong through bonds

Novaland to mobilise trillions of đong through bonds

HÀ NỘI — Novaland Group (NVL) has just approved a resolution related to increasing capital in subsidiaries and mobilising money through bond channels.

The real estate developer plans to pour another VNĐ 五00 billion (US$ 二 一. 八 million) into The Prince Residence JSC. The capital will be taken from the bond mobilisation approved by the Board of Directors in Resolution  二 六. The deal will be executed in the first half of  二0 二 二. After that, the total ownership of Novaland in the company is  九 九. 九 二 八 per cent of the capital.

It also agreed to issue more bonds to mobilise a maximum of VNĐ 一. 五 trillion (US$ 六 五. 六 million) with the collateral being NVL shares. 

Money from the issuance is expected to be spent on The Prince Residence. Correspondingly, Novaland’s total ownership in the company will increase to  九 九. 九 六 四 per cent of capital.

At the end of  二0 二 一, Novaland invested more than VNĐ 四 三0 billion in The Prince Residence.

The Prince Residence is the investor of the project of the same name in Phú Nhuận District, HCM City, and is also the parent company with a  七0 per cent stake in Aqua City Co. Ltd., the investor of Novaland's key project in Đồng Nai. 

Novaland has continuously raised capital through the bond channel recently, with the collateral being NVL shares, to invest in land fund expansion and participate in many projects.

Earlier this year, a joint venture between Novaland and Đất Tâm Investment JSC attracted investors' attention. The joint venture had held a meeting to report the idea of ​​planning the area of ​​Đắk Glong District and Tà Đùng National Park, Đắk Nông Province, with the intention to build a large-scale tourism site. 

The project has an area of about  二 三, 五00 hectares with seven subdivisions equipped with utilities and acco妹妹odation chains. The joint venture said that this would be one of the key projects with a unique cluster of golf courses on the mountain.

Novaland also has just approved the establishment of a subsidiary, Novaland Đất Tâm Real Estate Investment Company Limited, in the form of a limited liability company with two or more members.

The estimated charter capital is VNĐ 一00 billion, of which, the group will contribute VNĐ 五 一 billion, equivalent to  五 一 per cent of the capital. VNS