The Board of Directors of Phu Nhuan Jewelry JSC (HoSE: PNJ) has approved the implementation of the plan to issue shares to increase charter capital from equity.

Accordingly, PNJ plans to issue more than 82 million bonus shares at a ratio of 3:1, meaning that each shareholder will receive one new share for three existing shares he owns. The value of issuance at par vaue is more than VND820 billion (US$33 million).

The source of the issuance comes from the share capital surplus and retained earnings as of December 31, 2021, according to the audited separate financial statements of 2021. The issuance time is expected to be in the fourth quarter of this year and the first quarter of 2023.

The number of shares issued to employees who own ESOP shares during the transfer restriction period will be restricted from being transferred, while the number of shares issued to the remaining existing shareholders will be freely liquidated.

After completing the plan, the charter capital of PNJ will increase from more than VND2.4 trillion to VND3.2 trillion.

Post COVID-19 pandemic, PNJ's financial statements for the third quarter of 2022 recorded a net revenue of VND7.36 trillion, more than eight times the figure of the same period last year. Its profit after tax reached over VND252 billion, while the company lost nearly VND160 billion last year.

For the first nine months of the year, PNJ's net revenue and profit after tax reached nearly VND25.6 trillion (double the same period) and VND1.34 trillion (2.3 times higher than the same period).

As of September 30, PNJ's undistributed profit after tax was recorded at nearly VND2.4 trillion, a gain of nearly 23 per cent compared to the beginning of the year. — VNS