In a recent announcement, Phu Nhuan Jewelry Joint Stock Company (code: PNJ) disclosed information about welcoming a new major shareholder. Specifically, T. Rowe Price Associates (a US-based investment fund) reported purchasing an additional nearly 1.24 million PNJ shares in the session on May 14, thereby increasing its ownership to 5.18% (equivalent to 17.5 million shares) and officially becoming a major shareholder of PNJ.
This move comes after Dragon Capital Group reduced its stake in PNJ. On May 8, the fund sold 100,000 PNJ shares, decreasing its ownership to 4.997% and is no longer a major shareholder in this jewelry retail business.
The contrasting moves of these two investment funds occur as PNJ’s share price strongly recovers from its low on April 9. By May 14, PNJ’s market price touched a short-term peak of VND 86,000/share, marking an almost 40% increase in just one week. This was also the session when the foreign fund, T. Rowe Price Associates, increased its ownership. Tentatively calculated based on the closing price of May 14, it is estimated that this foreign fund has spent more than VND 106 billion to complete the ownership increase.
T. Rowe Price Group, Inc. is a global investment management firm headquartered in Baltimore, Maryland, USA. Founded in 1937 by Thomas Rowe Price Jr., the company currently manages over $1.6 trillion in assets (as of December 2024) and serves clients in more than 55 countries. T. Rowe Price is renowned for its growth investment philosophy and active management approach, focusing on creating long-term value for investors.
Recently, PNJ held its 2025 Annual General Meeting of Shareholders, approving a revenue plan of VND 31,607 billion, 17% lower than the previous year. The expected after-tax profit is nearly VND 1,960 billion, a 7% decrease from last year’s record.
In the first quarter of 2025, PNJ achieved revenue of VND 9,635 billion and after-tax profit of VND 678 billion, equivalent to nearly 35% of the full-year profit plan. According to PNJ, the market demand for jewelry weakened in the first quarter due to high gold prices and reduced consumer spending; 24K gold revenue was lower than the same period last year. However, the company optimized operating costs, resulting in a slower decline in profit compared to revenue.
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The Growth Investment Guru’s Fund Becomes Major Stakeholder in PNJ.
PNJ, or Phu Nhuan Jewelry Joint Stock Company, has a new major shareholder in the form of T. Rowe Price Associates, Inc., a prominent American investment fund. This development comes on the heels of Dragon Capital’s exit from the list of major shareholders, marking a significant shift in the company’s investor landscape.
The Foreign Shareholder Becomes a Major Stakeholder in PNJ
“T. Rowe Price Associates, Inc., a prominent foreign shareholder, has successfully acquired nearly 1.24 million PNJ shares. This strategic move has increased their ownership stake to 5.18%, solidifying their position as a major shareholder in PNJ. With this substantial investment, T. Rowe Price Associates, Inc. is now a pivotal player in the company’s future trajectory.”
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