According to a recent report, Tran Phuong Ngoc Ha sold 18 million PNJ shares of Phu Nhuan Jewelry Joint Stock Company. The transaction took place from 11-18/9, using both order matching and agreement methods.

This sale represents all the shares Ms. Ha had previously registered to divest. Following the transaction, she holds 399.999 shares, equivalent to 0,08% of the charter capital. Before the sale, she owned 3,59% of PNJ's capital.

The transaction value, calculated at par, is 180 billion VND. The results report did not disclose the actual total amount Ms. Ha received from the deal. However, based on the average closing price during the specified period, the estimated proceeds are approximately 662 billion VND.

Tran Phuong Ngoc Ha is the daughter of Cao Thi Ngoc Dung, Chairwoman of PNJ's Board of Directors (BOD), and the younger sister of Tran Phuong Ngoc Thao, Vice Chairwoman of the BOD. Previously, Ms. Ngoc Thao also sold 7 million PNJ shares on 11/9, generating about 259 billion VND at the agreed price.

Following these two transactions, the ownership stake of Ms. Dung's family group decreased to about 11,25%.

Tran Phuong Ngoc Ha (left) pictured with Cao Thi Ngoc Dung (right) at an event in Singapore, 9/2019. Ms. Ha currently holds no position at PNJ. Photo: Facebook Haily Tran

Earlier this month, PNJ approved a policy to borrow capital from Cao Thi Ngoc Dung. This initiative aims to supplement working capital for business operations and strengthen financial resources. The loan is unsecured, with a maximum term of 12 months. Ms. Dung and her family are expected to provide up to nearly 1.080 billion VND.

A company representative emphasized: "Cao Thi Ngoc Dung and her family remain a major shareholder group and maintain a long-term commitment to PNJ."

The sale of shares by Ms. Dung's family to arrange funds for PNJ occurs as the company undergoes restructuring. This follows an incident involving a former executive of PNJ Appraisal Company (P-Lab) linked to a diamond smuggling ring. According to the semi-annual financial report, consolidated after-tax profit reached 728,5 billion VND, a 35% decrease. The decline in profit is mainly due to the company making provisions for potential losses related to its product buyback policy.

The company reported that buybacks executed from 1/7 to 3/9 amounted to nearly 4.997 billion VND, with corresponding losses exceeding 1.446 billion VND. The customer return rate was 100%. Overall, for the entire product buyback policy, total loss provisions recorded exceeded 2.267 billion VND.

In late August, Thanh Hoa police announced that all diamonds in the smuggling case were not introduced into PNJ's retail system. Consequently, the stock price improved compared to its short-term low in late July.

Tat Dat