Novaland has completed the transfer of 7 assets, earning more than 13,500 billion VND.

Novaland has completed the transfer of 7 assets, earning more than 13,500 billion VND - photo 1

Novaland is implementing a plan to sell 22 assets this year with total expected revenue of VND28,380 billion. Illustrative photo

By the end of June, the company had completed the transfer of 7 assets, earning VND13,506 billion. At the same time, Novaland also signed a contract in principle to sell 5 assets worth VND7,667 billion and signed a memorandum of understanding (MoU) to sell 2 other assets with a total value of VND3,400 billion.

In addition, the group received non-binding offers from investors for 4 assets, equivalent to 1,915 billion VND. Currently, there are 1,892 billion VND worth of assets without official agreements.

The group has reached an initial restructuring agreement with creditors and bondholders, with a total value of VND14,484 billion, in which the creditors are still willing to continue negotiating to create conditions for the group to have more time to process.

According to Novaland, the Board of Directors is actively seeking potential partners for assets that do not have formal agreements and believes that the sale will be completed within the next 12 months.

Asset liquidation is one of the key solutions in the restructuring plan, associated with Novaland's going concern assumption, which the auditor emphasized.

In parallel with this activity, Novaland also reached a number of initial debt restructuring agreements with creditors, including the bondholder group, with a total value of nearly VND 14,500 billion.

In parallel, Novaland was approved for a credit limit of VND15,050 billion from banks, has disbursed VND4,640 billion and will continue to invest in the next 12 months to implement the project. Major shareholders also committed to accompany and support the payment of due debts, ensuring that operations can be maintained for at least the next year.

Novaland said that after resolving many legal problems in key projects, the group is urgently completing the remaining procedures and actively mobilizing additional capital to implement construction.

The business expects to achieve a number of key regulatory milestones this year, which will boost sales and provide funding for ongoing projects and regular business operations over the next 12 months.

Source: https://baovanhoa.vn/kinh-te/novaland-da-hoan-tat-chuyen-nhuong-7-tai-san-thu-hon-13500-ti-dong-165849.html