Novaland poured more than 1,400 billion VND into Vung Tau Investment

Novaland's financial report revealed the deal in which Novaland spent more than VND1,400 billion on a business that owns the Binh Chau hot spring resort in Ba Ria - Vung Tau.

Novaland has poured more than 1,400 billion VND into the company that owns Binh Chau hot spring - Photo: TL

The first quarter financial report recently released by No Va Real Estate Investment Group Corporation (Novaland, stock code NVL) shows that Novaland's revenue reached more than VND1,778 billion in the quarter and consolidated after-tax profit recorded a loss of VND476 billion.

As of March 31, Novaland's total assets reached more than VND 234,807 billion, with inventories recorded at VND 148,639 billion.

By the end of the quarter, Novaland's total liabilities were over VND 185,951 billion, a slight decrease compared to the end of 2024, of which short-term debt accounted for more than half and total short-term debt, long-term debt reached nearly VND 60,000 billion, and other long-term payables were nearly VND 42,000 billion.

Notably, in the last quarter, Novaland's financial report showed a completed transaction when this real estate company spent more than VND1,400 billion to invest in another company.

Specifically, in financial investments in affiliated companies during the quarter, Novaland poured nearly VND1,407 billion into Vung Tau Investment Company Limited, a business operating in the real estate business.

Vung Tau Investment Company Limited is the investor of Binh Chau hot spring resort project (scale of 300ha), part of NovaWorld Ho Tram complex in Ba Ria - Vung Tau.

According to Tuoi Tre Online data , Vung Tau Investment Company Limited was established in November 2017, with Mr. Le Thanh Liem as the legal representative and Mr. Liem also owns many real estate businesses in the Novaland ecosystem.

This business has its registered address at The Prince Residence apartment building (No. 17-19-21 Nguyen Van Troi Street, Phu Nhuan District, Ho Chi Minh City).

Vung Tau Investment currently has a charter capital of VND 2,860 billion, capital contributing members include Dat Viet Development Joint Stock Company (a subsidiary of Novaland) contributing VND 1,401 billion (capital ownership ratio 49%) on January 23, 2025, Mr. Le Thanh Liem contributed more than VND 1,458 billion in 2022 (ratio 51%).

The remaining two 8X individuals contributed capital with a capital contribution of 2 billion VND each, including Ms. Trinh Thi Ngoc Ha and Ms. Bui Thi Tuyet Mai, with the capital contribution time in 2021.

After this transaction, Mr. Bui Dat Chuong (brother of Mr. Bui Thanh Nhon) was named in the list of authorized representatives of Dat Viet Development Joint Stock Company with a capital of 1,401 billion VND contributed to Vung Tau Investment.

Novaland once had a plan to buy Vung Tau Investment Company Limited. Specifically, in January 2022, Novaland's Board of Directors approved the transfer of a capital contribution of nearly VND 2,860 billion, equivalent to 99.99% of the charter capital of Vung Tau Investment Company Limited and the transfer contract was signed on January 20, 2022.

However, by July 2023, Novaland decided to terminate the transfer of this capital contribution. After more than 3 years, Novaland restarted the deal, but this time only spent more than 1,400 billion VND.

Source: https://tuoitre.vn/novaland-rot-hon-1-400-ti-dong-vao-vung-tau-investment-202505052232575.htm