Novaland, a Vietnamese property developer, announced on Friday that Dennis Ng Teck Yow has been named CEO of the firm to replace Nguyen Ngoc Huyen, who resigned in late 2022.
Yow is a Malaysian entrepreneur with almost 30 years of experience in the property industry, having worked in top posts of business strategy development, project development, and financial planning and analysis at domestic and international enterprises. Prior to joining Novaland, Yow served as general director at Gamuda Land Vietnam. He holds a master’s degree in banking and finance from the University of Hull in the United Kingdom.
Novaland is undergoing restructuring and has appointed Bui Thanh Nhon as the board chairman, replacing Bui Xuan Huy. The company is trimming its executive board and changing several senior human resource positions as part of its restructuring plan.
Despite facing several challenges, Novaland is focusing on completing its key projects to deliver housing units to customers in phases while flexibly revising its investment plans to suit current needs.
Novaland is negotiating with credit institutions for loans to strengthen its capital structure and partnering with grassroots authorities to remove bottlenecks impeding its housing projects and complete them as soon as possible. The firm has affirmed that with its current resources, it always guarantees the benefits of customers, investors, and stakeholders.
Novaland’s board of directors has asked its shareholders for share sales to raise its charter capital this year. The company plans to issue 1.95 billion NVL shares to its existing shareholders at the starting price of VND10,000 (US$0.42) apiece, with the proceeds from the issue at some VND19.5 trillion ($824.7 million) being used for restructuring, debt and salary payment, and investment in its projects.
Furthermore, Novaland is planning to issue over 975 million shares via private placement at a price not higher than VND10,000 per share to earn more than VND9.75 trillion ($412.7 million), according to local media reports.