Foreign investor group becomes major shareholder in Vietnam’s jeweler PNJ
A group of five foreign investment funds has increased its stake in Vietnamese jeweler PNJ to 5.04 percent, officially becoming a major shareholder just days before the firm closes its shareholder list for an extraordinary general meeting.
PNJ gains a new major shareholder as foreign investor group raises stake to 5.04 percent. Photo: Quang Dinh / Tuoi Tre
Foreign funds raise PNJ holdings
The five foreign funds increased their combined PNJ holdings by 1.62 million shares to 25.8 million shares following transactions on August 14, according to a company disclosure on Wednesday.
Their combined stake rose from 4.72 percent to 5.04 percent of PNJ’s charter capital, making the group a major shareholder as of August 14.
The group includes Vanguard International Value Fund and four funds managed by Sprucegrove Investment Management Ltd.
Vanguard International Value Fund made the largest purchase, adding 1.51 million PNJ shares to raise its holdings from 20.35 million to 21.86 million shares.
Its stake consequently increased from 4-4.3 percent of PNJ’s charter capital.
Two other Sprucegrove funds bought an additional 69,000 and 51,400 shares, respectively.
One fund kept its holdings unchanged, while another reduced its holdings by 6,800 shares.
Overall, the five funds increased their combined PNJ holdings by 1.62 million shares.
The move came ahead of PNJ’s 2026 extraordinary general meeting of shareholders. August 25 is the record date for determining shareholders eligible to attend the meeting.
The meeting is expected to take place in October, with one key agenda item being a proposal to adjust PNJ’s 2026 business plan based on its actual business performance.
PNJ shares rebound from 5-year low
PNJ shares have recovered 16.1 percent from their five-year low but remain sharply lower than at the beginning of the year.
The shares closed at VND35,700 ($1.36) on Wednesday, up 1.85 percent.
The stock hit VND30,750 ($1.17) on July 24, its lowest level in more than five years, before recovering about 16.1 percent from that low.
Despite the rebound, PNJ shares remain down 44.23 percent since the beginning of the year and 55.43 percent over the past six months.
The company reported second-quarter net revenue of VND8.48 trillion ($322.9 million) but posted a net loss of VND283 billion ($10.8 million).
PNJ attributed the loss mainly to provisions made under a prudent approach, saying they did not reflect a deterioration in its core business operations.
For the first half of 2026, PNJ recorded net revenue of VND25.73 trillion ($979.9 million), up 49.4 percent year on year.
Net profit reached VND1.26 trillion ($47.9 million), up 6.3 percent.
PNJ faces cash flow pressure after P-Lab case
PNJ is facing cash flow pressure following a case involving its wholly owned subsidiary Phu Nhuan Jewelry Inspection Co., Ltd. (P-Lab).
P-Lab director Dang Ngoc Thao was prosecuted and detained in connection with a transnational diamond smuggling case.
In response, PNJ set up a special supervisory team comprising two independent board members and hired an international organization to independently assess diamond quality.
Since July 21, PNJ has adjusted its payment policy for gold and diamond buyback transactions nationwide based on its actual financial capacity.
Under the policy, customers may have to wait up to 120 days to receive payment, which can be made in five installments. Alternatively, they can exchange diamond jewelry for gold.
PNJ said it spent more than VND7 trillion ($266.7 million) buying back gold and diamonds from customers in July.
The company warned that market developments could continue to affect its business performance and cash flow.
It said it would closely monitor the market, assess the effectiveness of measures being implemented and make adjustments when necessary.
Ngoc Nguyen - Nhat Quang / Tuoi Tre News
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