After Phu Nhuan Jewelry Joint Stock Company (PNJ) approved the Resolution on PNJ borrowing capital from Ms. Cao Thi Ngoc Dung - Chairwoman of PNJ's Board of Directors, the company also announced the sale of shares by Ms. Cao Thi Ngoc Dung's two daughters, Tran Phuong Ngoc Thao and Tran Phuong Ngoc Ha.
Ms. Cao Thi Ngoc Dung's two daughters registered to sell a total of 25 million PNJ shares. With the price at 11:30 am today (September 4) being 39,000 VND/share, the market value of 25 million PNJ shares will be about 975 billion VND.
In which, Ms. Tran Phuong Ngoc Ha sold 18 million shares, estimated to earn VND 702 billion and reduce ownership from 3.59% to 0.08%. Ms. Tran Phuong Ngoc Thao, Vice Chairwoman of PNJ's Board of Directors, sold 7 million shares, reducing the ownership ratio from 3.52% to 2.15%, estimated to earn VND 273 billion.
The purpose of the sale is to create capital for Ms. Cao Thi Ngoc Dung to lend to PNJ. The expected implementation time is from September 10 to October 10, 2026, by order matching or agreement method.
Previously, Phu Nhuan Jewelry Joint Stock Company also just passed a resolution on PNJ borrowing capital from Ms. Cao Thi Ngoc Dung to rebuild the company.
The total maximum loan limit that PNJ borrows from Ms. Cao Thi Ngoc Dung will not exceed 5% of the total asset value recorded in the company's latest financial statements. To arrange capital for the above loan, members of the family of Chairman of the Board of Directors Cao Thi Ngoc Dung are expected to sell PNJ shares.
The loan will be implemented in several installments, depending on PNJ's capital usage needs and the General Director's decision at each time. This is a loan in VND and has no collateral, the maximum loan term is 12 months from the date the two parties sign the contract. Also according to the announcement, the loan will supplement working capital and strengthen financial resources for PNJ to prepare for the reconstruction phase.
PNJ has just experienced a major upheaval after Mr. Dang Ngoc Thao, former Director of PNJ Appraisal Co., Ltd. (P-Lab) - PNJ's subsidiary, was prosecuted and temporarily detained in early July 2026 related to a transnational diamond smuggling case.
From July 21, PNJ must apply a payment policy based on actual capacity for gold and diamond repurchase transactions nationwide. Accordingly, customers are scheduled to pay late within 120 days, divided into 5 installments or exchange diamond jewelry for gold.
According to the explanation of the reviewed 2026 semi-annual consolidated financial statements, from July 1 to September 3, 2026, PNJ bought back goods worth VND 4,997 billion from customers. The enterprise suffered a loss of VND 1,446 billion from these goods, directly deducted into reporting period expenses and contributed to bringing PNJ's profit in the first half of the year down to VND 729 billion, down VND 456 billion compared to before the review.
In addition to the purchased goods, PNJ also has to make provisions for the amount of goods that may return in the future. In which, goods sold in the period 2020-2026 are still subject to exchange with a value of VND 10,919 billion, and the enterprise estimates that 28.8% of customers will resell, claiming a loss of VND 638 billion. In the group of goods sold from 2019 and earlier, the value still subject to exchange is VND 10,137 billion, but the estimated ratio decreased to 7%, corresponding to a loss of VND 183 billion. Adding all three groups, the provision for loss from the exchange policy is VND 2,267 billion.
In addition to the sold goods, the enterprise also re-evaluated the quantity of goods currently in stock. Accordingly, diamond and detached diamond jewelry with a original price of 1,411 billion VND was deducted 681 billion VND, which is nearly half of the value. Jewelry purchased from customers with a original price of 1,560 billion VND and was deducted 566 billion VND.
