According to a report submitted to the Ho Chi Minh City Stock Exchange (HoSE), Tran Phuong Ngoc Thao, Deputy Chairwoman of the Board of Directors (BOD), sold 7 million PNJ shares of Phu Nhuan Jewelry Joint Stock Company. With this transaction, Ms. Thao completed the sale of the entire volume she registered earlier this month.
The transaction took place via negotiated agreement on 11/9. Market data from yesterday showed that 7 million PNJ shares were traded at VND 37,000 per share. Consequently, Ms. Thao likely generated VND 259 billion from the sale.
After the transaction, Ms. Thao still holds over 11 million shares, representing a 2.15% stake. Ms. Thao is the daughter of Cao Thi Ngoc Dung, Chairwoman of PNJ's BOD. Currently, the Dung family's ownership stake has decreased to approximately 14.76%.
Ms. Dung's daughter's share sale is part of a plan to provide a loan to PNJ. This loan aims to supplement working capital for business operations and strengthen the company's financial resources. It is an unsecured loan with a maximum 12-month term. Ms. Dung and her family are expected to finance up to nearly VND 1,080 billion.
In a press release issued earlier this month, a company representative emphasized, "Cao Thi Ngoc Dung and her family remain a major shareholder group and maintain a long-term commitment to PNJ."
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Tran Phuong Ngoc Thao, Deputy Chairwoman of PNJ's BOD and daughter of Cao Thi Ngoc Dung. Photo: PNJ |
Tran Phuong Ngoc Thao, Deputy Chairwoman of PNJ's BOD and daughter of Cao Thi Ngoc Dung. Photo: PNJ
PNJ is undergoing a restructuring process following a crisis involving a former leader of PNJ Appraisal Company (P-Lab) and a diamond smuggling ring. According to the semi-annual financial report, consolidated after-tax profit reached VND 728.5 billion, a 35% decrease. The profit decline was primarily due to the company making provisions for potential losses related to its policy for repurchasing sold goods.
The company stated that the repurchase value executed from 1/7 to 3/9 reached nearly VND 4,997 billion, with a corresponding loss value of over VND 1,446 billion and a customer repurchase rate of 100%. Overall, for the entire goods repurchase policy, the total loss provision recorded was over VND 2,267 billion.
In late August, Thanh Hoa Police announced that all diamonds involved in the smuggling case were not introduced into PNJ's retail system. This announcement contributed to an improvement in the stock price compared to its short-term low at the end of July.
Tat Dat
