NovaGroup and Diamond Properties margin-call sale of over 1.2 million NVL shares, worth about VND 20 billion, as NVL rises about 70% in a month

NovaGroup and Diamond Properties were forced to sell NVL shares through margin-call sales by a securities firm, with the combined volume totaling more than 1.2 million shares worth about VND 20 billion, even as NVL’s share price has risen roughly 70% over the past month.

Margin-call sales by linked shareholders

NovaGroup reported a margin-call sale of 760,956 NVL shares from April 10 to 13, 2026 via the order-matching method. The sale reduced its holding from 491.8 million NVL shares (22.01%) to 491.07 million shares (21.97%).

Diamond Properties reported a margin-call sale of 426,135 NVL shares on April 13, 2026 via order matching, reducing its stake from 170.46 million shares (7.62%) to 170.04 million shares (7.61%).

Both NovaGroup and Diamond Properties are reported to have ties to Mr. Bui Thanh Nhon, chairman of Novaland.

Additional sales earlier in 2026

Earlier, on March 20, NovaGroup sold 31,069 NVL shares under a margin-call via order matching. Diamond Properties has also been actively selling to reduce its holding in Novaland.

Most recently, from March 17–19, 2026, Diamond Properties sold 930,800 NVL shares out of 2.15 million NVL registered via a matched-order trade. The sale was not completed due to a change in plan.

Share price recovery amid restructuring expectations

The active and passive selling by the shareholder group linked to Chairman Bui Thanh Nhon occurred as NVL’s price recovered over about one month. As of the close on April 15, NVL rose more than 2% to VND 17,500 per share, representing roughly a 70% gain in just over one month.

The recent positive stock movement was attributed to expectations that the business will soon “transform.” Novaland’s leadership said that after three years of restructuring, the company has essentially completed the main steps, with many projects having completed key legal milestones and returned to the construction track.

Financial pressure remains

Despite progress on restructuring, financial pressure remains due to high leverage. The company also continues to face cash-flow constraints, reporting over VND 153,000 billion in inventories while financial debt stands around VND 67,000 billion. Converting inventory into cash is described as a key factor for the next phase.

Novaland AGM: 2026 targets and no dividend

Novaland will hold its 2026 annual general meeting on the afternoon of April 23 in Lâm Đồng province. According to newly released meeting materials, the company targets 2026 revenue of VND 22,715 billion and after-tax profit of VND 1,852 billion—more than threefold in revenue, but down 0.5% in profit versus 2025.

For profit distribution, Novaland has no plans to pay dividends for 2025 or 2026.

Debt swap via private share issuance adjusted

Regarding the plan to issue private shares to swap debt, management said it is seeking long-term investors aligned with the criteria. The plan to issue shares for the debt swap remains, but the private placement plan has been adjusted from 350 million shares to up to 800 million shares.

The expected execution is in 2026 or at another time as decided by the Board. The issue price will not be lower than the average closing price of NVL over the 30 sessions after and including the AGM approval date, and may be adjusted downward if events require price adjustments. Under the old plan, the issue price was set at VND 10,000 per share.

Board changes proposed

In personnel matters, the AGM will dismiss three board members at the end of their term, including Chairman Bui Thanh Nhon and two independent directors, Pham Tien Van and Hoang Duc Hung.

Novaland proposes an AGM structure with five board members, including one independent. The meeting will elect two additional board members and one independent. The remaining two board members, Duong Van Bac and Pham Thi Hong Nhung, will continue their terms.

Châu Anh