Vietnamese property developer Novaland is continuing personnel changes as Dennis Ng Teck Yow has been named CEO of the firm from Friday to replace Nguyen Ngoc Huyen, who tendered his resignation in late 2022.
Novaland, whose NVL shares are traded on the Ho Chi Minh Stock Exchange, announced on Friday morning that the firm’s board of directors decided to select Dennis Ng Teck Yow, a native of Malaysia, as the new chief executive officer.
He holds a master’s in banking and finance from the University of Hull in the United Kingdom.
Yow is a housing industry veteran, previously working as general director at Gamuda Land Vietnam.
The Malaysian entrepreneur has nearly 30 years of experience in property and in top posts of business strategy development, project development, and financial planning and analysis at domestic and international enterprises, according to Novaland.
Novaland says will complete key projects
Novaland’s appointment was made while the firm is struggling with woes and stepping up its efforts in restructuring.
Bui Thanh Nhon has come back to Novaland as the board chairman, replacing Bui Xuan Huy.
As per its restructuring plan, Novaland is trimming its executive board and changing several senior human resource positions.
Despite several challenges, the company is focusing on completing its key projects to hand over housing units to customers in phases.
|A corner of a Novaland project in Ba Ria-Vung Tau Province, southern Vietnam. Photo: Ngoc Hien / Tuoi Tre|
Furthermore, the property developer will also flexibly revise its investment plans to suit the current needs.
“The firm is negotiating with some credit institutions for loans to strengthen its capital structure and teaming up with grassroots authorities to remove bottlenecks impeding its housing projects to complete them as soon as possible,” said Novaland.
The firm affirmed that with its current resources, it always guarantees the benefits of customers, investors, and stakeholders.
Novaland wants to issue over 2.9 billion shares
Novaland’s board of directors has asked its shareholders for share sales to raise its charter capital this year.
Accordingly, the firm will issue 1.95 billion NVL shares to its existing shareholders at the starting price of VND10,000 (US$0.42) apiece.
The proceeds from the issue at some VND19.5 trillion ($824.7 million) will be used for restructuring, debt and salary payment, and investment in its projects.
Besides, 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), local media reported.