At an extraordinary shareholder meeting on October 21, PNJ Chairwoman Cao Thi Ngoc Dung said her family sold shares only to fund the company after the July crisis linked to a former P-Lab director. Customer buybacks surged, with July buybacks reaching nearly VND6,000 billion, equal to all of 2025, and depleting cash buffers. Revenue fell 14% and third-quarter operations lost VND258 billion (before provisions), while PNJ needs VND100–150 billion monthly to run operations; her family has lent over VND700 billion. Banks have tightened credit and new loans carry high rates, and a share issue to existing shareholders is ineligible because operating results this year are expected to show heavy losses. Dung apologized to shareholders and pledged to stay with the company.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Bà Cao Thị Ngọc Dung: 'Hết cách, tôi mới bán cổ phiếu PNJ'
Read the original on VnExpress ↗
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Related tickers and likely impact
PNJ
▼ Likely negativePhu Nhuan Jewelry
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Specialty Retailers |
| Market cap | 10,107 bn VND |
| P/E | 4.1 |
| P/B | 0.75 |
| Close on 10/20/2026 | 19.75 |
| Change that session | +6.76% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Ms. Cao Thi Ngoc Dung: 'We Had No Other Choice, So I Sold PNJ Shares'
At an extraordinary shareholders' meeting, over 1,100 shareholders representing about 61.7% of voting rights attended and asked Chairwoman Cao Thi Ngoc Dung to explain why her family kept selling PNJ shares. She said the sales aimed to provide capital to the company after a crisis of confidence triggered in July by a former director of P-Lab linked to a diamond smuggling ring, which led to roughly 10 times the usual volume of customers returning products. Buybacks in July alone reached nearly VND 6,000 billion, and cumulative buybacks by end-September reached about VND 21,000 billion, while Q3 revenue fell 14% and the company posted a VND 258 billion loss before provisions. Her family lent the company over VND 700 billion because bank borrowing was tightened, with about VND 3,000 billion in existing short-term bank debt and high interest rates on new loans. The board's plan for a rights issue was not feasible because the company would not meet eligibility requirements given the expected heavy loss this year, and she pledged to keep supporting PNJ.
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At the extraordinary AGM on October 21, attended by over 1,000 shareholders, Chairwoman Cao Thi Ngoc Dung acknowledged that PNJ is going through its toughest period in nearly 40 years and apologized to shareholders. PNJ reported an after-tax loss of VND 258 billion in Q3 2026 and plans to raise up to VND 8,000 billion over roughly three years to rebuild. The 2026 profit plan was revised from over VND 3,400 billion in profit to a loss of over VND 6,270 billion, mainly due to a provision of about VND 7,071 billion tied to the goods exchange policy, and the company expects to return to profit from 2027. Asked by a shareholder about the family's reduced stake, Ms. Dung said her daughter's share sale was outside the family's original plans, and that if there were a better option, she would not have sold.
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PNJ shares hit the VND 19,750 ceiling price in the October 20 session while the broader market corrected, with over 16.3 million shares traded and foreign investors net buying nearly VND 70 billion. The stock is still less than half its peak above VND 40,000. Ahead of the extraordinary shareholders' meeting on October 21, PNJ plans a VND 7,071 billion loss provision for its goods exchange policy, assuming 80% of sold goods are exchanged; if fully recognised, its 2026 after-tax result could be a loss of about VND 6,270 billion, and the revenue target falls from VND 48,660 billion to VND 39,057 billion. The company also proposes a private placement of up to 550 million shares and fundraising of up to VND 8,000 billion. In July and August 2026, PNJ posted revenue up 4.5% but an after-tax loss of VND 61 billion, while gross margin fell from about 18.5% to 10%.
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At PNJ's extraordinary shareholders' meeting on Oct. 21, 2026, the board proposed setting aside VND 7,071 billion in provisions this year for losses tied to its diamond buyback policy, projecting a pre-tax loss of over VND 6,000 billion. Excluding this provision, after-tax profit would be about VND 800 billion. Customers sold back about VND 6,000 billion of products in July alone, nearly matching the full-year 2025 total of about VND 7,000 billion, as the daily buyback value rose about 10 times normal levels. PNJ plans to close 25-30 underperforming stores, clear diamond inventory and restructure, and has shortened payment terms for some gold and jewelry products to 2-7 days. Chairwoman Cao Thị Ngọc Dung apologized to shareholders for the losses and the damage to their confidence.
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