The largest shareholder divested all capital from Phuong Nam bookstore chain

The largest shareholder has divested all of its capital in the Phuong Nam bookstore chain.

Truong Phat Business Development Company divested its entire 24.84% stake in the Phuong Nam bookstore chain on August 20th, estimated to generate over 24 billion VND and relinquishing its position as the largest shareholder in the company after more than 8 years.

According to information received from the Ho Chi Minh City Stock Exchange, Truong Phat Business Development Joint Stock Company has sold all of its more than 2.68 million shares of Phuong Nam Culture Joint Stock Company (stock code: PNC), equivalent to 24.84% of the capital. This transaction was completed during the trading session on August 20th.

The number of PNC shares recorded in the block trade exactly matched the number of shares Truong Phat sold. The total transaction value exceeded VND 24.14 billion, equivalent to an average of VND 9,000 per share. After the transaction, Truong Phat no longer holds any PNC shares and has relinquished its position as the largest shareholder in PNC after more than 8 years (since August 2016).

After Truong Phat divested all its capital in Phuong Nam Culture, Thanh Vinh Business Development Joint Stock Company became the largest shareholder in this bookstore chain with over 2.5 million shares (equivalent to 23.29%). Next is Liksin Printing and Packaging Industry Corporation, holding over 1.66 million shares (equivalent to 15.38%).

The buyer of the 24.84% stake in the Phuong Nam bookstore chain from Truong Phat has not yet been announced. However, PNC recently announced that an individual traded over 542,000 shares, increasing their ownership to 5.02%. Specifically, Ms. Tran Thi Ngoc Bich became a major shareholder of Phuong Nam Culture after completing the transaction on August 20th. Based on the closing price of that day (10,200 VND), it is estimated that Ms. Bich spent over 5.5 billion VND.

PNC's share price on the stock exchange is currently at 10,200 VND, a 13.3% increase compared to 9,000 VND at the beginning of the year. With over 11 million shares listed on the Ho Chi Minh City Stock Exchange, its market capitalization exceeds 110 billion VND.

Regarding business performance, PNC recorded net revenue of nearly VND 141 billion in the second quarter of 2024, a decrease of 11.3% compared to the same period last year. Gross profit was approximately VND 55 billion, a decrease of 7% compared to the same period last year. The profit margin reached over 39%, an increase of 2 percentage points compared to the same period last year.

After deducting expenses, the company achieved a pre-tax profit of over 1.8 billion VND and an after- tax profit of nearly 1.4 billion VND, representing decreases of 82% and 77.4% respectively compared to the same period last year.

According to the management's explanation, business performance declined due to the overall market situation and discrepancies in the timing of film revenue recognition compared to the same period last year. Financial performance was also affected by reduced income from interest on deposits and loans. These factors led to significant fluctuations in after-tax profit compared to the same period last year.

For the first half of the year, net revenue reached VND 275 billion, a decrease of 16.4% compared to the same period last year. Gross profit for this period was approximately VND 112 billion, a decrease of 11% compared to the same period in 2023, with a gross profit margin of 40.7%.

The company reported a pre-tax profit of over 4.3 billion VND and an after-tax profit of nearly 3.8 billion VND in the first six months of this year, representing decreases of 68.6% and 60.4% respectively compared to the same period last year.

This year, PNC aims for net revenue of VND 625 billion, a decrease of 4.3% compared to 2023. Pre-tax profit is targeted at VND 17 billion, a decrease of 26.6% compared to the same period last year. After half a year, the company has achieved 44% of its revenue plan and 25.3% of its profit target.

PNC plans to distribute dividends in 2024 at a rate of 5%.

As of the end of Q2/2024, the company's total assets exceeded VND 563 billion, an increase of VND 35 billion compared to the beginning of the period. Liabilities totaled over VND 377 billion, an increase of VND 32 billion compared to the beginning of the year. Short-term debt accounted for the majority of the company's debt structure, exceeding VND 376 billion. Equity was over VND 186 billion, and undistributed after-tax profit reached VND 51.5 billion.

Source: https://baodautu.vn/co-dong-lon-nhat-thoai-toan-bo-von-tai-chuoi-nha-sach-phuong-nam-d223350.html