Diamond Properties Registers to Sell 2.98M NVL Shares, Reducing Stake to 7.47%

Overview

Diamond Properties, a shareholder linked to Novaland (NVL) Chairman Bui Thanh Nhon, has registered to sell 2.98 million NVL shares between April 20 and May 19, 2026, citing portfolio rebalancing. If completed, its stake will drop from 7.61% to 7.47%. This follows a forced margin sale on April 13 and an incomplete voluntary sale in March, raising questions about insider sentiment and liquidity.

Key Facts

• Diamond Properties registered to sell 2.98 million NVL shares from 20/4 to 19/5/2026.
• Current stake: 170.04 million shares (7.61%); post-sale: 167.05 million shares (7.47%).
• On 13/4/2026, a securities firm forcibly sold 426,135 NVL shares of Diamond Properties via margin call.
• Prior to that, from 17-19/3/2026, Diamond Properties sold 930,800 of a planned 2.15 million shares, citing a change in plans.
• Bui Thanh Nhon, Chairman of Novaland, is the manager of Diamond Properties.
• Novaland targets 2026 revenue of VND 22,715 billion and net profit of VND 1,852 billion (down 0.5% vs 2025).
• No dividend planned for 2025 or 2026.
• Novaland proposes issuing up to 800 million shares via private placement (revised from 350 million) and shares for debt-to-equity swap.

What Happened

Diamond Properties, a company whose manager is Novaland Chairman Bui Thanh Nhon, has filed a registration to sell 2.98 million NVL shares on the HOSE. The sale, scheduled from April 20 to May 19, 2026, would reduce its ownership from 7.61% to 7.47%. The stated reason is portfolio rebalancing.

This registration comes shortly after a forced margin sale on April 13, when a securities firm sold 426,135 NVL shares held by Diamond Properties. In March, Diamond Properties had registered to sell 2.15 million shares but only sold 930,800, citing a change in plans. The repeated divestment by a related party suggests ongoing deleveraging or strategic shift.

Market Context

NVL shares closed at VND 18,000 on April 15, up 2.63% with volume of 35.9 million shares. The stock has been volatile amid the real estate sector’s recovery and Novaland’s restructuring efforts. Diamond Properties’ stake reduction, especially after a margin call, may weigh on sentiment. The broader real estate sector on HOSE has shown mixed performance as developers navigate debt restructuring and project delays.

Strategic Significance

The continued selling by a shareholder linked to the chairman could signal insider concerns about near-term liquidity or valuation. It may also reflect Diamond Properties’ own financial constraints. For Novaland, the planned massive equity issuance (up to 800 million shares) could dilute existing shareholders, while the lack of dividends for 2025-2026 underscores a focus on debt reduction. The success of the private placement and debt-to-equity swap will be critical for the company’s capital structure.

What to Watch

• Completion of Diamond Properties’ sale by May 19, 2026, and any further filings.
• Novaland’s AGM on April 23, 2026, for shareholder approval of the equity issuance plan.
• Updates on the private placement: investor interest and pricing (minimum 30-day VWAP).
• Progress on the debt-to-equity swap with bondholders.
• Q2 2026 earnings report for signs of operational turnaround.