Recently, Mrs. Nguyen Thi Tuyet – the wife of Mr. Do Xuan Chieu (Member of the BOD of Pomina) – registered to sell all nearly 8.2 million shares of POM held from February 23 to March 22, 2024. If the transaction is successful, she will no longer own any shares in this steel company.
Pomina: The long slide of the once-strong steel company
The trading continues to add to the list of sales by the group of Pomina’s leaders’ relatives since July 2023. Up to now, the total number of shares sold and registered for sale has reached over 46 million shares, equivalent to over 16.6% of the company’s capital.
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Transactions by the group of Pomina’s leaders’ relatives
Source: VietstockFinance
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The wave of selling shares by the internal group of people is taking place while Pomina is in the process of raising capital for its business restructuring.
Comprehensive restructuring along with new strategic investors
Pomina will hold an extraordinary meeting on March 1, 2024, to approve the comprehensive restructuring plan of the company.
According to this plan, Pomina will cooperate with strategic investors to establish a new legal entity, which is Pomina Phu My Joint Stock Company. In which, POM will contribute capital in the form of real estate land, workshops, equipment lines, while the strategic investors will contribute capital in cash. The identity of the strategic investors, charter capital, and expected ownership structure will be presented specifically at the General Meeting of Shareholders.
According to POM, the strong restructuring process, especially with the participation of strategic investors, marks an important milestone for the company. This strategic cooperation will provide the necessary capital for POM to restart the blast furnace for steel billet production.
It is expected that POM will restart the blast furnace in the fourth quarter of 2024 after a period of inactivity to anticipate the recovery of real estate projects in the final months of the year.
In the stock market, investors seem excited about the news of the appearance of new strategic investors. POM shares have increased by more than 10% in 2 sessions.
| Stock price movement of POM |
