PNJ not intend to divest from Dong A Bank

Phu Nhuan Jewelry Joint Stock Company (PNJ) is well performing and does not intend to divest from Dong A Bank, which has recently been put under special control by the State Bank.

The announcement was made by PNJ director general cum chairwoman Cao Thi Thi Ngoc Dung at a meeting in Ho Chi Minh City yesterday afternoon.

Ms. Dung said that PNJ had provided VND140 billion (US$6.25 million) for risks from the investment amount of nearly VND400 billion (US$17.86 billion) in Dong A Bank, up from VND55 billion before and the company was still making profit.

PNJ revenue and gross profit hit VND5,188 billion and VND625 billion in the first seven months this year, fulfilling 64 percent of its year plan.

With this momentum, she believed that the company would be able to earn its expected profit level this year.

PNJ had opened an extra of 25 shops in the first half this year and planned to open more in the next two months taking the total number to 200.

Therefore, the company did not intend to withdraw capital from Dong A Bank, she said.

PNJ is one of founding shareholders of Dong A Bank and owns 38.5 million shares of the bank with book value of VND395 billion.

By Nhung Nguyen, T.Dung – Translated by Hai Mien

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