Another foreign fund group exits PNJ's major shareholder list

SGGP 31/07/2026 09:33

U.S.-based T. Rowe Price Associates has become the third foreign fund group in three weeks to lose its major shareholder status in Phu Nhuan Jewelry (PNJ) after cutting its ownership below 5 percent.

Phu Nhuan Jewelry Joint Stock Company on July 30 announced a change in the ownership of a foreign investor group that previously held more than 5 percent of the company's shares.

According to the disclosure, U.S.-based T. Rowe Price Associates, Inc., representing a group of 18 affiliated investment funds and organizations, submitted a report to the State Securities Commission of Vietnam (SSC) and the Ho Chi Minh Stock Exchange (HOSE) on changes in the group's ownership.

Three foreign investment fund groups have ceased to be major shareholders of PNJ over the past three weeks. (Photo: SGGP/ Nhung Nguyen)

Following transactions on July 24, the group's combined stake in PNJ fell from 5.79 percent to 4.97 percent, according to the filing. Among the transactions, the Delaware Public Employees' Retirement System sold its entire holding of 1,250,100 PNJ shares, reducing its ownership from 0.24 percent to zero.

With its ownership falling below the 5-percent threshold, the T. Rowe Price-led group has officially ceased to be a major shareholder of PNJ.

It is the third foreign fund group to exit PNJ's list of major shareholders in the past three weeks. Earlier, five member funds of Dragon Capital sold a combined 2.5 million PNJ shares, reducing their ownership to 4.55 percent. Vietnam Enterprise Investments Limited (VEIL) accounted for the largest sale, disposing of nearly 1.4 million shares.

Before Dragon Capital, funds affiliated with VinaCapital also sold more than six million PNJ shares, cutting their ownership below 5 percent and losing their major shareholder status.

The wave of foreign divestment followed the announcement in early July that the former director of P-Lab, a PNJ subsidiary, was under investigation in connection with an alleged smuggling ring involving 28,000 diamonds.

PNJ announced on July 30 the reappointment of Do Thi Ngoc Thanh as the company's corporate governance officer for a two-year term, effective from August 1, 2026.

According to the company, Ms. Do Thi Ngoc Thanh did not own any PNJ shares at the time of her reappointment and had completed the required personal information disclosure and declaration of related parties in accordance with Vietnam's Securities Law. The disclosure was made in compliance with information transparency requirements for listed companies.