Former Chairman of the Board of Directors Nguyen Van Kha wants to sell all NTL shares

As a founding shareholder and having held the position of Chairman of the Board of Directors for nearly 20 years, Mr. Nguyen Van Kha recently announced that he will divest all of his shares at Lideco, equivalent to selling the remaining 3.33 million NTL shares.

Perspective of Lideco Bai Muoi project.

Mr. Nguyen Van Kha has just registered to divest all of his more than 3.33 million NTL shares of Tu Liem Urban Development Joint Stock Company (Lideco). If the transaction is carried out, Mr. Kha will no longer hold NTL shares.

This individual is the father of Mr. Nguyen Hong Khiem - Member of the Board of Directors and Deputy General Director. However, Mr. Kha is not only related to internal shareholders, he is also a founding shareholder and has held the position of Chairman of the Board of Directors of Lideco for nearly 20 years. This former Chairman also just left his seat at the company's 2024 annual general meeting of shareholders held last April.

The transaction is expected to be carried out from August 14 to September 12 through negotiation and order matching through the exchange. The purpose of the transaction is due to personal financial needs. If the transaction is carried out, Mr. Kha will no longer hold NTL shares.

Notably, August 14 - Mr. Kha's first registration for sale - is also the time when nearly 61 million NTL shares in the 1:1 stock bonus in July will be traded. Lideco has doubled its charter capital through the form of stock distribution from equity capital.

Previously, from July 3 to August 1, Mr. Kha sold more than 2.57 million shares out of nearly 3 million NTL shares (4.84%) previously registered for sale because the price did not meet expectations.

Not only Mr. Kha, Ms. Nguyen Thi Mai - mother of General Director Dinh Duc Tiep has registered to sell 1 million shares. The transaction is expected to be carried out from July 17 to August 15 through agreement and order matching through the floor. If the transaction is successful, Ms. Mai NTL's ownership ratio will decrease from 4.81% to 3.99%.

On the stock market, NTL shares have just experienced a decline of more than 20% from the historical peak of VND 28,000 - 29,000/share in early August 2024. NTL closed the session on August 12 at VND 22,850/share.

The stock price was boosted by record high revenue and profit figures recorded in the second quarter of 2024. Specifically, the company's net revenue reached more than VND841 billion, more than 17 times higher than the same period last year. Profit after tax in the period reached VND396 billion, 1,000 times higher than the same period last year. These are all unprecedented figures in history. Previously, in the fourth quarter of 2023, Lideco also recorded a large profit (VND363 billion). Accumulated in the first half of 2024, net revenue reached VND878 billion, 7.3 times higher than the same period. Profit after tax increased 149 times to VND401 billion. Undistributed profit after tax as of June 30 was approximately VND1,075 billion, 1.76 times the charter capital.

Inventory at the 23-hectare Bai Muoi Project. Source: Financial Statements

Lideco's total assets by the end of the second quarter reached VND2,658 billion. Of which, the company deposited VND1,400 billion in banks, equivalent to more than 52% of assets. Meanwhile, project inventories decreased sharply, concentrated in the 23-hectare Bai Muoi project in Ha Long . This is also the main reason why this real estate company earned a large profit in the second quarter of 2024.

Source: https://baodautu.vn/cuu-chu-tich-hdqt-nguyen-van-kha-muon-ban-sach-co-phieu-ntl-d222246.html