PNJ chairman’s family stake falls to 7.62%
PNJ chairman Cao Thị Ngọc Dung’s daughter had more than 6.6 million PNJ shares forcibly sold in three transactions over two weeks. The family now holds 7.62% of the company, according to VnExpress. PNJ’s share price has fallen, and the company posted a third-quarter loss.
Trần Phương Ngọc Giao, daughter of Cao Thị Ngọc Dung, chairwoman of PNJ (Phu Nhuan Jewelry Joint Stock Company), disclosed that a securities firm forcibly sold nearly 2.5 million of her PNJ shares on November 12. It was the third such sale in two weeks: more than 1.8 million shares were sold on October 30 and more than 2.3 million on November 4. The three sales totaled more than 6.6 million shares, reducing her stake from 2.29% to 0.99%.
According to VnExpress, Cao Thị Ngọc Dung’s family now holds nearly 39 million PNJ shares, or 7.62% of the company’s share capital. No family member individually holds a large enough stake to qualify as a major shareholder. Cao Thị Ngọc Dung holds more than 15 million shares, or 2.93%, while her eldest daughter, PNJ vice chairwoman Trần Phương Ngọc Thảo, holds more than 11 million shares, or 2.15%.
Cao Thị Ngọc Dung, chairwoman of PNJ.（VietVance）
At an extraordinary meeting last month, Cao Thị Ngọc Dung said the share sales were intended to raise funds so the company could borrow money to rebuild its business. A forced sale occurs when a securities firm sells shares to recover a margin loan after the value of an investor’s collateral falls below the required threshold.
PNJ shares closed this week at 14,950 Vietnamese dong each, down more than three-quarters from before the diamond incident. The company’s market value has fallen by more than 24.6 trillion dong. PNJ reported third-quarter net revenue of about 6.995 trillion dong, down 14% year on year, and a net loss of nearly 258 billion dong, compared with a profit of nearly 496 billion dong a year earlier.
Ho Chi Minh City’s tax authority recently decided to fine PNJ nearly 2 billion dong for filing errors that resulted in underpaid value-added tax. The company said it had proactively reviewed and amended its filings since November 2025, paying nearly 10 billion dong in additional tax and about 973 million dong in late-payment charges.
Source: VietVance
