Novaland Investment Group Corporation (NVL) has refuted rumors claiming that its Chairman, Bui Thanh Nhon, has resigned from his position.

The company issued a statement on January 14, 2025, clarifying that these allegations are entirely false and have caused significant confusion among its stakeholders.

Clarification from Novaland

Novaland emphasized that its operations and leadership structure remain stable, with no disruptions within the company’s executive team.

Contrary to media reports, Mr. Bui Thanh Nhon continues to serve as Chairman of the Board of Directors, actively leading and directing the group’s activities.

The company condemned the false information, calling it fabricated and misleading, and stressed its potential to harm Novaland’s reputation and shake the confidence of its customers, partners, shareholders, and investors.

Financial status and market performance

The rumors coincided with a significant drop in Novaland’s stock (NVL), which fell for the fourth consecutive session on January 14, closing at a record low of VND 8,950 per share.

This marked a 5.7% loss in a single session and a dramatic decline of over 90% compared to its peak of VND 92,500 in mid-2021.

Earlier, on January 10, NVL fell below its initial offering price of VND 10,000 per share for the first time since its 2016 listing.

The sharp decline has been attributed to broader challenges, including the company’s repeated adjustments to the conversion price and rate for its $300 million international bond issuance, which was recently revised from VND 40,000 to VND 36,000 per share.

Despite this adjustment, the conversion price remains more than four times higher than the current stock price.

Over the past month, NVL has dropped 12%, and for the year, the stock has lost approximately 50% of its value.

Chairman’s holdings and commitments

Mr. Bui Thanh Nhon directly holds 96.8 million NVL shares, while his related parties collectively own 38.6% of the company’s equity.

Novaland has reaffirmed its commitment to recovery, focusing on fulfilling obligations and ensuring the best outcomes for its stakeholders, including shareholders and investors.

The company is working diligently to regain stability amid the volatile market conditions.

Manh Ha