AsemconnectVietnam - Novaland's Q2/2024 business results report recorded the transfer of capital contribution at Huynh Gia Huy JSC with a transfer price of only VND1.9 billion. This transfer price does not include the value of utility assets and outstanding debt obligations.

Thus, Novaland (stock code NVL - HOSE) recorded a loss of VND797 billion due to the difference between the total transfer value and the book value of net assets. In 2019, Novaland acquired 99.8% of Huynh Gia Huy shares, turning this enterprise into a subsidiary, then recorded a financial gain from the bargain purchase of VND271 billion.
Meanwhile, Huynh Gia Huy JSC has a charter capital of VND725 billion, is the investor of the NovaHills Mui Ne project in Phan Thiet. The project has an area of 44 hectares with 609 resort villas and 17 commercial townhouses, operating under the brand name Centara Mirage Resort Mui Ne.
It is known that according to the recent business registration of Huynh Gia Huy Joint Stock Company, the legal representative of the enterprise is Mr. Le Dinh Tuan, Chairman of the Board of Directors.
Mr. Le Dinh Tuan is currently a member of the Board of Directors and Deputy General Director of EverLand Group Joint Stock Company (stock code EVG - HOSE). Mr. Tuan is also the younger brother of Mr. Le Dinh Vinh, Chairman of the Board of Directors of Everland.
EverLand is known as the investor of a series of tourism real estate projects such as Crystal Holidays Harbor Van Don in Quang Ninh, EverLand Park Hill Golf & Residences in Thanh Hoa; Crystal Holidays Marina Phu Yen tourism and resort complex.
At the beginning of the year, Everland announced the transfer of a part of the project (HH5 land plot, area 4.8 hectares) at the Bac An Khanh New Urban Area project (Hanoi).
In the first half of 2024, Everland recorded VND629 billion in revenue, net profit reached nearly VND27 billion, respectively reaching 38% of the revenue target and 24% of the annual profit plan set by the enterprise.
N.Nga
Source: VITIC/Tinnhanhchungkhoan