Sprucegrove Investment Management bought 650.3 million PNJ shares in Vietnam's leading jewelry maker Phu Nhuan Jewellery on June 22, raising its ownership from 4.86% to 5.06%, equivalent to more than 16.58 million shares.
The transaction makes Sprucegrove Investment Management a major shareholder in the jewelry maker, listed on the Ho Chi Minh Stock Exchange (HoSE) as PNJ.
In 2023, PNJ has set a revenue target of nearly VND35.6 trillion ($1.5 billion) and after-tax profit of more than VND1.94 trillion ($82.3 million), up 5% and up 7%, respectively. The dividend payout ratio is expected to be around 20%.
In the first five months of this year, PNJ reported net revenue of VND14.28 trillion ($606.9 million) and post-tax profit of VND970 billion ($41.22 million), fullfilling 50.1% of its year plan.
On June 12, the company closed the list of shareholders eligible for a second dividend from 2022 in cash at a ratio of 6%, or VND600 ($0.02) per share.
With more than 328 million outstanding shares, PNJ is expected to spend about VND196.8 billion ($8.36 million) in dividends. The expected payment date is July 12, 2023.
On the HoSE, PNJ hit VND74,800 ($3.17) at Wednesday's close.
Sprucegrove Investment Management Ltd., based in Canada, provides investment management services on a fully discretionary basis, in the specialized area of international and global equities, to institutional investors in Canada, the U.S., and around the world.