Novaland (NVL): Diamond Properties to Sell 2.7M Shares as VND 8,007B Offering Looms

Overview

Diamond Properties, a shareholder managed by Novaland chairman Bui Cao Nhat Quan, has registered to sell 2.7 million shares of Novaland (NVL, HOSE), reducing its holding from 7.536% to 7.424%. The filing arrives as Novaland prepares a public offering of nearly 800.7 million shares at VND 10,000 each, a deal sized at roughly VND 8,007 billion that is earmarked mainly for bond repayment.

Key Facts

• Diamond Properties registered to sell 2.7 million NVL shares, with the transaction window running from 29 September 2026 to 9 October 2026 via order matching and/or put-through.
• Post-sale, the holder’s position falls from more than 181 million shares to more than 178.3 million shares, or from 7.536% to 7.424% of Novaland’s capital.
• Bui Cao Nhat Quan, chairman of Novaland’s board, is the manager of Diamond Properties.
• Novaland plans to offer up to nearly 800.7 million shares to existing shareholders at a 3:1 ratio, at VND 10,000 per share, targeting about VND 8,007 billion.
• The record date for the rights is 1 October 2026; subscription runs 8 October to 29 October 2026, and transfer of subscription rights runs 8 October to 26 October 2026.
• Of the proceeds, VND 5,953.3 billion is designated for principal repayment on 13 Novaland bond codes, including NVLH2224006, NVLH2123010 and NVLH2224005.
• A further VND 916.3 billion is to be contributed to Nova Saigon Royal and VND 1,137.3 billion to No Va Thao Dien, both for bond principal payments; disbursements are planned for Q4 2026 to Q1 2027.

What Happened

According to a company filing on the share transaction, Diamond Properties registered to sell 2.7 million NVL shares for portfolio balancing purposes. The sale is scheduled from 29 September 2026 to 9 October 2026 by order matching and/or negotiated methods. If completed, Diamond Properties’ holding declines from more than 181 million shares to more than 178.3 million shares, equivalent to a fall from 7.536% to 7.424% of Novaland’s charter capital. The filing identifies Bui Cao Nhat Quan, chairman of Novaland’s board of directors, as the manager of Diamond Properties.

Separately, Novaland disclosed a public share offering under registration certificate No. 431/GCN-UBCK issued by the chairman of the State Securities Commission on 14 September 2026. The company will offer up to nearly 800.7 million shares to existing shareholders at a 3:1 ratio, meaning three held shares entitle the holder to buy one new share. The record date is 1 October 2026. The new shares carry no transfer restrictions, and the subscription and rights-transfer windows run through late October 2026. Novaland states that the timing and value of disbursements for each purpose may be adjusted flexibly depending on market conditions and progress in arrangements with bondholders.

Market Context

NVL closed at 12,200 on 24 September 2026 on HOSE. The offering price of VND 10,000 per share sits below that close, implying dilution for holders who do not subscribe and a discount that may pressure the reference price around the record date. The insider-linked sale is small in absolute terms, about 0.11% of capital, but it coincides with a capital raise that is central to Novaland’s balance-sheet repair. Vietnamese real estate developers have spent 2025 and 2026 working through bond maturities, and equity issuance to existing shareholders has become a common route for refinancing.

Strategic Significance

The offering is the more consequential event. Roughly three-quarters of the targeted VND 8,007 billion is allocated to retiring principal on 13 Novaland bond codes, with the remainder channelled to two project companies for their own bond obligations. That converts short-dated debt into permanent equity, reducing refinancing risk at the cost of dilution for shareholders who decline to participate. The Diamond Properties sale is modest, but its timing, days before the record date, invites scrutiny of how related parties are positioning around a deeply discounted issue. For long-term holders, the thesis rests on whether bond repayment restores access to project-level funding and unblocks the pipeline Novaland has said is waiting for deployment.

What to Watch

• Completion or cancellation of the Diamond Properties sale by 9 October 2026, and the resulting stake disclosed in a follow-up filing.
• Subscription take-up in the 8 October to 29 October 2026 window, particularly whether major shareholders commit pro-rata.
• Confirmation of bondholder agreements on the 13 NVL bond codes and the two project-company bonds.
• Q4 2026 disbursement progress against the stated VND 5,953.3 billion, VND 916.3 billion and VND 1,137.3 billion allocations.
• Any further related-party transactions ahead of the 1 October 2026 record date.