In a recent announcement, Ms. Tran Thi Tham, the wife of Mr. Bui Van Phu, Chairman of Hanoi PVR Investment JSC (code: PVR) , registered to sell her entire holding of nearly 12.5 million shares, equivalent to 24.0% of the company’s capital. The purpose of this sale is to restructure her investment portfolio.
The transaction is scheduled to take place between May 15 and June 13, through matching and negotiated deals.
If successful, Ms. Tham will no longer hold any shares in the company. Meanwhile, her husband, Mr. Phu, the Chairman of PVR, currently owns 5.23% of the company, equivalent to over 2.7 million shares.
On the stock exchange, PVR shares are currently restricted from trading due to a halt in business operations. The share price of PVR remained stagnant at VND 1,100 per share at the close of the trading session on May 14, and there was almost no liquidity. Based on this price, Ms. Tham could potentially pocket nearly VND 14 billion if she sells all the registered shares.
Notably, this is not the first time Ms. Tham has attempted to exit her position. Previously, from August 15 to September 10, 2024, she had registered to sell a similar volume of shares but could not execute the transaction due to a lack of liquidity.
In a notice dated late December 2024, the company decided to temporarily suspend business operations for the year 2025 (from January 1 to December 31, 2025) due to a lack of financial resources to maintain operations. The company needed to rearrange its personnel and seek new business directions to overcome the challenges it was facing.
Prior to this, in late October 2023, PVR announced that its bank account had been frozen due to a legal dispute with Vietnam Oil and Gas Installation Corporation – JSC (PVC, code PVX). As a result, the company lacked the necessary funds for operations. In mid-November 2023, PVR temporarily suspended its business operations until November 14, 2024, again citing the need to restructure its personnel and find new business directions.
Due to the cessation of business activities, PVR did not record any revenue from its core business operations in the first quarter of 2025. Financial revenue was a meager VND 48,000, while financial expenses amounted to nearly VND 322 million, and management expenses were nearly VND 61 million. Consequently, the company incurred a net loss of nearly VND 383 million.
As of March 31, 2025, PVR’s total assets exceeded VND 976 billion, but its cash balance was only VND 92 million. The majority of its assets were inventory, totaling VND 693 billion (71%) at the end of the period, mainly related to the Ha Noi Time Tower project. Additionally, the company had investments and contributions to other entities totaling over VND 231 billion.
On the liabilities side, PVR had nearly VND 257 billion in customer advances from 2021 related to the Ha Noi Time Tower project, also known as CT10-11 Van Phu (Ha Dong), which has been delayed since 2013 and remains suspended. PVR had entered into contracts, received advance payments, and accepted deposits from customers for this project.
According to our understanding, PVR was established in November 2006 as the successor to Tan Vien Oil and Gas JSC, a member of PVC under the Vietnam Oil and Gas Group (PVN). The company operates in the field of real estate investment and trading, sports services, entertainment, tourism, and high-end resorts. As of the end of the first quarter of 2025, PVR had accumulated losses of over VND 89 billion.
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