Sprucegrove Investment Management becomes major shareholder in jewelry maker PNJ
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.

A PNJ store. Photo courtesy of the company.
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.
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