The former owner of Inter Milan withdrew from Ninh Van Bay

A series of major changes are taking place in Ninh Van Bay over the past one month, with signs of the possibility of transferring power among major shareholder groups.

Ninh Van Bay Tourism Real Estate Company (stock code: NVT) announces the change of a series of key titles such as Chairman of the Board of Directors, project operation director, director of strategy, chief accountant. Meanwhile, in terms of shareholder structure, the biggest change is the divestment decision of Recapital Group, a group chaired by Rosan P. Roeslani – former owner of Inter Milan football club – as Chairman.

Recapital Group used to be the “savior” of Ninh Van Bay when spending 225 billion dong to buy 30 million shares in 2013. But recently, this shareholder has reduced its ownership to only one third. Belton Investments, an investment fund related to the Recapital Group, has also lowered its ownership since mid-2019. The move is considered a retreat after years of “bogging down” in Ninh Van Bay.

Billions dong
Profit before tax of Ninh Van Bay
2011 – 2019
-87-87
-75.7-75.7
39,839.8
25,625.6
-122.9-122.9
15.615.6
-439.9-439.9
41,741.7
67,767.7
In 2011
Year 2012
In 2013
Year 2014
In 2015
In 2016
In 2017
2018
9 months 2019
-400
-200
0
-600
200
2017 ‚óŹ Profit before tax of Ninh Van Bay: -439.9
Established in 2006, formerly known as Tuan Phong Investment and Construction Company, Ninh Van Bay was once considered one of the “forces” of the high-end resort real estate sector, after the success of the project. Six Senses Ninh Van Bay Khanh Hoa.

At its peak, the company had total assets of more than VND 1,500 billion without hiding its ambition to become a leading enterprise in the field of resort real estate, with a series of new projects being implemented. However, investing in resort real estate at the right time of the market made Ninh Van Bay quickly fall into difficulties because it could not balance the cash flow.

Recapital Group, represented by Recapital Investments and Belton Investments, became Ninh Van Bay’s largest shareholder group after the “rescue” deal in 2013. By early 2019, this group owns and represents more than 45 million shares. part, equivalent to nearly 46% of Ninh Van Bay’s charter capital.

As one of Indonesia’s major investment groups, Recapital Group is expected to pull Ninh Van Bay out of a difficult cycle. However, the cash flow of several hundred billion dong from foreign shareholders did not help the owner of the resort chain Six Sences to change the situation. Continuously from 2013 to now, Ninh Van Bay if the profit is only around 30-40 billion VND, but the losses are up to hundreds of billions. By the end of the second quarter of 2019, Ninh Van Bay’s total assets were only one-third of the peak, with accumulated losses of nearly VND 700 billion on charter capital of VND 906 billion.

After years of “bogged down” investments in Ninh Van Bay, these new moves show the possibility that the Recapital Group is withdrawing capital.

The movements of personnel and shareholders have been accelerated in more than a month, but the reality of the “underground wave” began at the annual meeting of 2019, with the presence of new groups of people.

Out of 14 contents for shareholders’ opinions at the April meeting, only 8 were approved, mainly on personnel issues. Issues related to business administration such as reporting to the Board of Directors and the General Director on the results of 2018 and the 2019 plan, audited financial statements, reports of the Supervisory Board and regulations internal issues were vetoed due to insufficient approval ratios.

The biggest highlight of the meeting was the dismissal and additional election of the Board of Directors for the term of 2017-2022. Mr. Nguyen Hoang Giang – Former CEO of VNDirect Securities Company, Mr. Pham Thanh Thai Linh – used to be in charge of investing in Bao Viet Securities Company and Mr. Ikhwan Primanda, representative of Recapital Group, elected to replace the three dismissed members. in the Board of Management of Ninh Van Bay.

Two of the three new employees in Ninh Van Bay are related to a group of investors who have recently acquired a number of other businesses in the market.

By early September, the situation was accelerated with many large-volume stock transactions being carried out, gradually revealing a new group of shareholders in Ninh Van Bay.

Recapital Group, the largest shareholder of Ninh Van Bay, registered to sell 21.72 million shares, equivalent to 24% of this enterprise’s charter capital. The transaction is registered to perform from September 16 to October 15. But just one day after registration, all these shares were transferred to an individual shareholder. On September 17, Mr. Pham Quoc Khanh, an investor who previously held no stock of Ninh Van Bay, became the largest shareholder after acquiring the divestment of Recapital Group.

In the stock market, the liquidity of NVT shares at the end of September was only at a few tens of thousands, even a few hundred thousand units per session, but there were orders of put through transactions with a scale of several million shares.

Less than half a month after the biggest shareholder divested, in only one day on September 27, Ninh Van Bay made 6 decisions to change senior personnel, from the position of chairman of the Board of Directors, to the managing director. project manager, strategy director, chief accountant.