Novaland completes issuance of 2.47 million shares to convert foreign bonds

On March 31, Novaland Investment Group (NVL) issued 2.47 million shares to convert 15 bonds held by foreign bondholders, as part of the company’s bond conversion results. NVL, which is listed on the Ho Chi Minh Stock Exchange (HoSE), said the converted bonds belonged to a tranche issued on July 16, 2021, with a tenor of 2,175 days and maturity on June 30, 2027.

Bond conversion details

Novaland’s bond tranche had a total issue size of 1,500 bonds, with an issue value of USD 300 million and an interest rate of 5.25% per year. The conversion price was set at VND 34,000 per share, based on a fixed exchange rate of VND 24,960/USD at the time of conversion.

The bondholder converting the bonds into shares was BNP Paribas Financial Markets (Paris, France). Following the issuance, Novaland’s charter capital increased by VND 24.77 billion.

2026 AGM schedule and business targets

Novaland will hold its 2026 annual general meeting (AGM) on the afternoon of April 23 at the Clubhouse – NovaWorld Phan Thiet Golf Club (Hòn Giồ - Thuận Quý, Tiến Hòa ward, Tiến Thành, Lâm Đồng province).

According to the meeting materials, the company targets 2026 revenue of VND 22,715 billion and net profit after tax of VND 1,852 billion. The revenue target represents more than three times the figure implied by the comparison stated in the materials, while net profit is expected to be slightly lower than in 2025.

Dividend policy

Novaland said it has no plans to pay dividends for 2025 or 2026.

Equity issuance and debt swap plans

In its 2025 report, Novaland stated it did not implement private placement or any issuance to swap the remaining bond principal approved by shareholders. The board therefore proposes that the 2026 AGM continue implementing and adjust these plans.

Private placement

For private placement, management said it is seeking long-term, strategic investors that meet specified criteria. The plan’s quantity is proposed to be adjusted from 350 million shares to a maximum of 800 million shares, with implementation expected in 2026 or as decided by the board.

Issuance to swap debt

For the plan to issue equity to swap debt, Novaland said it has not reached consensus from bondholders and therefore cannot proceed at this stage. The plan to issue shares to swap debt remains in place while the private placement quantity is adjusted.

Pricing mechanism

Novaland stated the issue price for the private placement will not be lower than the 30-trading-day average closing price of NVL shares, including the AGM approval date. The company also noted the issue price may be reduced if events warrant price adjustments. Under the previous plan, the issue price was set at VND 10,000 per share.

Governance changes at the AGM

At the 2026 AGM, Novaland will dismiss three incumbent board members: Chairman Bùi Thành Nhơn and two independent directors, Phạm Tiến Vân and Hoàng Đức Hùng. The company proposed a five-member board including one independent member. The AGM will elect two additional board members and one independent director.