Cao Thi Ngoc Suong recently reported the results of her NVL share transactions for Novaland Group. From 18/11 to 26/11, she successfully sold over 2,3 million shares, equivalent to nearly 13,4% of the previously registered amount.

During this period, NVL shares traded around 15,500 VND per share. Based on the average price, Ms. Suong could have earned over 35,8 billion VND.

The major shareholder cited a change in plans as the reason for not completing the transaction. Previously, she had registered to sell over 17,27 million NVL shares for personal reasons.

Cao Thi Ngoc Suong is the wife of Bui Thanh Nhon, chairman of the board of directors of Novaland. She also holds a leadership position at Diamond Properties, a company within the family's ecosystem and a major shareholder of NVL.

In late October, Diamond Properties also sold nearly 1,13 million NVL shares to rebalance its investment portfolio. This transaction completed slightly more than half of the initially registered amount, as they adjusted their plans due to market fluctuations.

Following these two transactions, the total ownership stake of Bui Thanh Nhon's family group has been reduced to approximately 36,93%. This percentage places the Nhon group close to the threshold of losing veto power at NVL.

In a joint-stock company, a shareholder group holding 36% or more of the capital possesses veto power over key decisions of the general meeting of shareholders, as no other shareholder would hold 65% to pass them. This implies that a shareholder group owning 36% can block decisions they disagree with, protecting their interests and influencing the company's development strategy.

The most recent occasion Bui Thanh Nhon's related shareholder group reduced its ownership in Novaland was in mid-June, after which they have since paused registering further sales. NVL's management has repeatedly explained that during the company's difficult period, these shareholders had to sell shares to repay debt on behalf of Novaland.

In early August, Novaland presented shareholders with a plan to issue over 168 million shares to swap for more than 2,645 billion VND in debt owed by the Nhon family group. Following regulatory approval, the issuance is expected between the final quarter of this year and Q1/2026.

For the first nine months of the year, NVL recorded consolidated net revenue of 5,398 billion VND. Net revenue from sales reached nearly 4,956 billion VND, a 33% increase year-on-year, attributed to handovers at projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Sunrise Riverside, and Palm City. The company reported a loss of 1,820 billion VND, primarily due to a decrease in financial income.

Novaland's total outstanding loans were recorded at over 64,000 billion VND, with total short-term debt at approximately 32,000 billion VND. Cash flow remains challenging, and the company is seeking solutions, continuing to negotiate restructuring plans while implementing various measures to meet maturing obligations and address outstanding shortcomings to safeguard investor interests.