PNJ shareholders reduce holdings amid stock volatility

Phu Nhuan Jewelry Company Limited (PNJ) has seen significant divestment from major shareholders. Two foreign investor groups, represented by T. Rowe Price Associates, Inc. and Sprucegrove Investment Management Ltd, have sold a combined total of over 12 million shares. These sales have resulted in both groups falling below the 5% ownership threshold, meaning they are no longer considered major shareholders.

Specifically, the T. Rowe Price group reduced its holdings from 6.02% to 4.95%. The Sprucegrove group, which includes the Vanguard International Value Fund, saw its stake drop from 5.04% to 3.75%.

In addition to foreign divestment, Cao Ngoc Duy, the brother of PNJ Chairman Cao Thi Ngoc Dung, completed the sale of 9 million shares on October 1 and 2. This transaction reduced his ownership from 2.7% to 0.94%. The sale of these shares was valued at approximately 220 billion VND. These movements occur amid significant volatility for PNJ stock, which recently reached its lowest price since 2017.