Tran Phuong Ngoc Giao, daughter of Phu Nhuan Jewelry Joint Stock Company (PNJ) chairwoman Cao Thi Ngoc Dung, experienced a forced sale of 2.94 million PNJ shares. The sale occurred via order matching during the 8/10 trading session, according to a recently published transaction report. Following this transaction, her holdings decreased from 14.64 million to 11.7 million units, representing 2.29% of the company's charter capital.
A forced sale, also known as a margin call sale, occurs when a securities company actively sells a client's shares. This happens if the value of the collateral falls below a predefined threshold, typically due to a decline in share price. This measure aims to recover funds lent for margin trading and restore the account's safety ratio to the required level.
The report did not specify the exact reason for Giao's forced sale or the actual selling price. However, based on the closing price on 8/10, the transaction value could have exceeded 53 billion VND.
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Tran Phuong Ngoc Giao, daughter of PNJ chairwoman Cao Thi Ngoc Dung. Photo: PNJ
Giao is the daughter of Cao Thi Ngoc Dung, chairwoman of PNJ's Board of Directors. Combined with previous share sales by other family members, the Cao Thi Ngoc Dung family's ownership stake has now fallen to 8.91%.
PNJ shares faced significant selling pressure after the company announced a plan for a record loss this year. The company lost nearly half its market capitalization after 13 consecutive sessions of falling share prices, including six sessions that hit the daily lower limit.
However, PNJ shares were "rescued" yesterday. The market price maintained its daily upper limit throughout the day following news that the company received a certificate from the Asian Institute of Gemological Sciences (AIGS). This certificate confirmed that 100% of the tested samples were natural diamonds.
PNJ is currently in a restructuring phase following the diamond incident. The company stated it will focus on strengthening financial health, improving governance and risk control, and regaining customer and market confidence.
To support this plan, the Cao Thi Ngoc Dung family will lend the company up to 1,080 billion VND. This capital injection aims to supplement working capital and prepare raw materials for peak business periods. Last week, PNJ confirmed that the Dung family had disbursed approximately 700 billion VND. Additionally, the company is considering raising around 8,000 billion VND to further boost working capital and finance development plans for the next three years.
Tat Dat
