The largest shareholder divests all capital from Phuong Nam bookstore chain

Truong Phat Business Development Company divested all 24.84% of its capital at Phuong Nam bookstore chain in the session of August 20, estimated to earn more than 24 billion VND and leave the position of largest shareholder at this company after more than 8 years.

According to information provided to the Ho Chi Minh City Stock Exchange, Truong Phat Business Development Joint Stock Company has sold all of its more than 2.68 million shares of Phuong Nam Cultural Joint Stock Company (stock code: PNC), equivalent to 24.84% of capital. This transaction was carried out in the session of August 20.

The amount of PNC shares recorded in the negotiated transaction is exactly equal to the number of shares Truong Phat sold. The total transaction value is more than 24.14 billion VND, equivalent to an average of 9,000/share. After the transaction, Truong Phat no longer holds any PNC shares and has left the position of largest shareholder at PNC after more than 8 years (since August 2016).

After Truong Phat divested all its capital from Phuong Nam Culture, Thanh Vinh Business Development Joint Stock Company became the largest shareholder in this bookstore chain with more than 2.5 million shares (equivalent to 23.29%). Next is Liksin Printing and Packaging Industry Corporation holding more than 1.66 million shares (equivalent to 15.38%).

The buyer of 24.84% of the charter capital of Phuong Nam bookstore chain from Truong Phat has not been announced. However, recently, PNC announced that an individual had just traded more than 542,000 shares to increase ownership to 5.02%. Specifically, Ms. Tran Thi Ngoc Bich became a major shareholder of Phuong Nam Culture after completing the above transaction on August 20. Based on the closing price of that day (10,200 VND), it is estimated that Ms. Bich spent more than 5.5 billion VND.

PNC's stock price on the stock exchange is currently at VND10,200, up 13.3% from VND9,000 at the beginning of the year. With more than 11 million shares listed on the Ho Chi Minh City Stock Exchange, the market capitalization has reached more than VND110 billion.

Regarding business performance, PNC recorded net revenue in the second quarter of 2024 of nearly VND 141 billion, down 11.3% year-on-year. Gross profit was approximately VND 55 billion, down 7% year-on-year. Profit margin reached 39%, up 2 percentage points compared to the same period.

After deducting expenses, the company achieved pre-tax profit of more than VND1.8 billion and after-tax profit of nearly VND1.4 billion, down 82% and 77.4% respectively compared to the same period last year.

According to the explanation from the management board, business activities declined according to the general market situation and the difference compared to the same period in terms of recording film revenue. Financial performance was also affected due to the decrease in income from interest on deposits and loans. The above reasons led to strong fluctuations in after-tax profit compared to the same period.

Cumulative half-year revenue reached VND275 billion, down 16.4% year-on-year. Gross profit during this period was about VND112 billion, down 11% year-on-year, with gross profit margin reaching 40.7%.

The company reported pre-tax profit of more than VND4.3 billion and after-tax profit of nearly VND3.8 billion in the first 6 months of this year, down 68.6% and 60.4% respectively compared to the same period last year.

This year, PNC set a net revenue target of VND625 billion, down 4.3% compared to 2023. Pre-tax profit of VND17 billion, down 26.6% over the same period. After half a year, the company has completed 44% of the revenue plan and 25.3% of the profit target.

PNC plans to pay a dividend of 5% in 2024.

As of the end of the second quarter of 2024, the company's total assets were over VND 563 billion, an increase of VND 35 billion compared to the beginning of the period. Liabilities were over VND 377 billion, an increase of VND 32 billion compared to the beginning of the year. Short-term debt accounted for the majority of the company's debt structure with over VND 376 billion. Owner's equity was over VND 186 billion, undistributed profit after tax reached VND 51.5 billion.

Source: https://baodautu.vn/co-dong-lon-nhat-thoai-toan-bo-von-tai-chuoi-nha-sach-phuong-nam-d223350.html