Novaland (NVL) Insider Diamond Properties Sells 2.58M Shares, Family Stake Falls to 39.75%

Overview

Diamond Properties, a shareholder tied to the family ecosystem of Novaland founder Bui Thanh Nhon, sold 2.58 million NVL shares on October 6 in a put-through transaction. The sale reduced Diamond Properties’ holding to 7.43% and the family group’s combined stake to roughly 39.75%, moving it closer to the 36% level that secures veto rights at Novaland shareholder meetings.

Key Facts

• Diamond Properties sold 2.58 million NVL shares on October 6 via put-through (thoa thuan) trading.
• The transaction was worth about VND 25.8 billion at par value, or roughly VND 26.8 billion based on the October 6 closing price.
• Diamond Properties had registered to sell 2.7 million shares, completing 95.6% of the plan; it cited a change in plan for the shortfall.
• Diamond Properties now holds more than 178.4 million NVL shares, equal to about 7.43%.
• The Bui Thanh Nhon family group’s combined stake fell to approximately 39.75%.
• This is the fourth time Diamond Properties has sold NVL shares in 2025.
• NVL closed at VND 10,950, down 18% year-to-date and nearly half its late-April peak.

What Happened

According to a recent trading-result report, Diamond Properties sold 2.58 million shares of Novaland Investment Group (No Va Real Estate Investment Group) on October 6 using the put-through method. The stated purpose was portfolio rebalancing. Diamond Properties sits within the ecosystem of founder Bui Thanh Nhon; his son, Bui Cao Nhat Quan, is chairman of Novaland’s board of directors and also a board member of Diamond Properties.

The seller had previously registered to dispose of 2.7 million NVL shares, so the executed volume represented 95.6% of the plan, with the company attributing the shortfall to a change in plan. This marks the fourth time this year that Diamond Properties has sold NVL stock. Following the transaction, the family group’s total ownership stands at about 39.75%, approaching the 36% threshold at which a shareholder bloc can block key general-meeting resolutions, since no other shareholder holds 65% to override it.

Market Context

NVL trades on the Ho Chi Minh City Stock Exchange (HOSE) and closed at VND 10,950, still 18% below the start of the year and close to half its late-April peak for 2025. The stock reversed to a ceiling gain late last week after a prolonged correction that at one point pushed it below par value. The insider sale lands alongside Novaland’s plan to offer more than 800 million shares to existing shareholders to raise VND 8,000 billion, its first equity raise from shareholders in five years, earmarked to repay bonds owed to itself and subsidiaries.

Strategic Significance

The steady reduction of the founder family’s stake matters less for the cash raised than for control arithmetic. At 39.75%, the group retains its blocking position above 36%, but each successive sale narrows the buffer. For long-term investors, the key tension is whether the family is merely rebalancing a concentrated portfolio or gradually preparing for a more dispersed ownership structure as Novaland leans on public shareholders to fund bond repayments. The VND 8,000 billion rights issue, if completed, would dilute all existing holders, including the family bloc, making the pace of further Diamond Properties sales a useful signal of the family’s commitment to the recapitalisation.

What to Watch

• Further Diamond Properties disposal filings on HOSE, particularly any move that would push the family group below 36%.
• Progress and terms of the 800 million-share rights issue to raise VND 8,000 billion.
• Q3 2025 earnings, following H1 after-tax profit of more than VND 1,700 billion versus a VND 666 billion loss a year earlier.
• Handover progress at Aqua City, NovaWorld Ho Tram and Victoria Village, the projects driving recognised revenue.
• Any change in board composition or related-party transactions involving Bui Cao Nhat Quan.