Ms. Nguyen Thi Bich Ngoc, wife of Mr. Nguyen Xuan Quang, Chairman of the Board of Directors of Nam Long Investment Joint Stock Company (NLG) have just registered to sell 2 million shares of NLG by order-matching or put-through method from March 27 to April 25.
Transactions are made to structure personal finances. If successful, Ms. Ngoc will reduce her ownership in NLG from more than 18.34 million shares to more than 16.34 million shares. It is estimated that Ms. Ngoc will earn more than 46 billion VND.
In a related development, Ms. Ngo Thi Ngoc Lieu, mother of Mr. Cao Tan Thach, a member of the Board of Directors, also successfully sold 573,800 shares of NLG previously registered.
Transactions are carried out according to the method of order matching and agreement from March 3-17. After the transaction, Ms. Lieu reduced her ownership in NLG from more than 2.78 million shares to more than 2.21 million shares.
| Chairman Nam Long’s wife wants to divest NLG. |
Previously, Mr. Cao Tan Thach also registered to sell 900,000 shares of NLG by the method of order matching and agreement from March 1-30. After the transaction, this leader will reduce his ownership in the home business from more than 5.29 million shares to more than 4.39 million shares.
In 2022, NLG recorded VND 4,300 billion in net revenue, down 16% YoY and net profit of VND 556 billion, down 48%, completing only 57% of the year plan.
The reason is that the number of apartments handed over in Q4 was lower than expected, as well as high financial costs. Not to mention, the profit of 172 billion dong from the divestment of 25% stake in Paragon project during the year was considered to have compensated for the delay in revenue recognition from the Can Tho project, causing a significant decrease in profit.
However, the gross profit margin is maintained at a high 45% compared to 2021 as most of the delivered products are low-rise apartments, which usually have a higher gross profit margin, fluctuating in the range of 45-50%.