Pomina Steel Chairman's Sister Sells Another 1.2 Million Shares

Pomina Steel Chairman's Sister Continues to Divest All Capital After Selling 3.38 Million Shares

In recent months, Pomina Steel (POM) is one of the steel industry units that has recorded the heaviest losses. Not only that, the family of Chairman Do Duy Thai has also continuously divested capital. This has had a significant impact on the price of POM shares.

Recently, Ms. Do Thi Nguyet, the sister of Mr. Do Duy Thai, has continuously registered to divest capital from the company, despite the fact that POM's stock price is increasingly plummeting.

Pomina Steel Chairman's daughter sells 12 million shares regardless of stock price, read picture 1 — Pomina Steel (POM) has suffered losses for 6 consecutive quarters, the chairman's family continues to divest capital despite plummeting stock prices (Photo TL)

Specifically, from November 22, 2023 to December 15, 2023, Ms. Do Thi Nguyet registered to sell 3.5 million POM shares, the actual transaction volume was 3.38 million shares, equivalent to 96.7% of the total registered volume. After the transaction, Ms. Nguyet still owns 1.2 million shares, equivalent to 0.43% of the charter capital.

Having just completed the above transaction, Ms. Nguyet has registered to sell the remaining 1.2 million POM shares. The transaction period takes place from December 21, 2023 to January 4, 2024. After the transaction, Ms. Nguyet will officially no longer be a shareholder of Pomina Steel.

Not only Ms. Nguyet, but also many relatives of Chairman Thai have continuously withdrawn capital from Pomina. This has caused POM stock price to continuously decrease from the peak of VND 7,800/share at the end of July to VND 4,900/share in the trading session on December 11, 2023. Equivalent to a decrease of 37.2%.

Losses for 6 consecutive quarters, additional loss of 110 billion VND in Q3

POM's continuous loss situation continued into the third quarter. The company's revenue for the period reached VND503.5 billion, down 83.1% year-on-year. Cost of goods sold accounted for VND508.7 billion, causing the company to record a gross loss of VND5.2 billion from its core business activities.

Financial revenue also decreased by 32.3% to only 11.3 billion VND. Financial expenses were halved to only 58.9 billion VND. Sales expenses accounted for 1.2 billion while business management expenses were recorded at a negative 6.9 billion VND. POM's Q3 results recorded a net loss from core business activities of 47.1 billion VND.

After deducting expenses and taxes, POM reported a loss after tax of VND110.4 billion. This loss was much lower than the loss of VND715.6 billion in the same period. In the first 9 months of the year, POM achieved a revenue of VND2,948 billion and a loss of VND647.4 billion.

Including the third quarter of 2023, Pomina Steel has experienced its 6th consecutive quarter of losses with losses of up to hundreds of billions of VND per quarter.

Source