Wife of Pomina Steel Board Member Registers to Sell All Shares

The wave of stock sell-offs by relatives of leaders of Pomina Steel Joint Stock Company (stock code: POM) shows no signs of stopping as the wife of a member of the Board of Directors has just registered to sell more than 8.16 million shares.

Ms. Nguyen Thi Tuyet, wife of Mr. Do Xuan Chieu - Member of the Board of Directors of Pomina Steel Joint Stock Company, announced yesterday that she will sell all 8.16 million shares she holds in this enterprise for investment purposes. The transaction will be carried out by order matching and negotiation from February 23 to March 22. If the transaction is successful, Ms. Tuyet will reduce her ownership ratio here from 2.92% to 0%.

The divestment announcement was made by Ms. Tuyet right after POM shares had just increased to the maximum limit of 5,220 VND on February 19, marking the strongest increase since the beginning of the year. Based on this level, Ms. Tuyet could earn approximately 42.6 billion VND.

Ms. Tuyet's transaction also extends the list of relatives of Pomina Steel leaders who have sold off shares. It is estimated that from mid-2023 to now, people related to the company's leaders have sold about 46 million shares, equivalent to 16.6% of charter capital. Ms. Tuyet's transaction is also the largest transaction registered during this period.

On the stock exchange today, POM shares continued to maintain their excitement when they increased by 4.2% to 5,440 VND. Compared to the bottom from the beginning of the year until now, this stock has increased by approximately 21%. The matched volume in this morning's session reached nearly 2.1 million shares.

POM stock price chart as of noon on February 20.

The surge in POM shares was led by the news that the company would undergo a comprehensive restructuring. Specifically, in the extraordinary shareholder meeting document, Pomina Steel's board of directors said that the strong restructuring process, especially with the participation of strategic investors, was a milestone marking an important turning point for the company. This strategic cooperation will provide the necessary capital for the company to restart the steel billet blast furnace. The company plans to resume operations of the blast furnace in the last quarter of this year to anticipate the return of real estate projects.

In addition, at the upcoming meeting, the company will present to shareholders a plan to increase the investment capital of the blast furnace project at the Pomina 3 branch from VND 4,975.2 billion to VND 5,879.7 billion, an increase of VND 904.5 billion. The Board of Directors did not give a reason for increasing the investment capital of the blast furnace project at this branch, but only said that the investment value was up to VND 5,879.7 billion based on the audit results of AFC Vietnam Auditing Company Limited signed on March 2, 2023 compared to the investment capital plan approved on October 31, 2020.

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