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Pomina’s chairman Do Duy Thai’s related company, Vietnam Steel Trading and Manufacturing Co., Ltd., sold nearly 4.2 million POM shares between March 20 and April 17, falling short of the initial plan to sell 7.5 million shares. The company attributed the shortfall to “not achieving the expected price.”
Earlier, Vietnam Steel Trading and Manufacturing said the share sale was intended to fulfill a debt repayment obligation for Pomina Steel.
After the transaction, Vietnam Steel Trading and Manufacturing still held more than 142 million POM shares, equivalent to about 51.03% of charter capital, and remained Pomina’s largest shareholder.
Vietnam Steel Trading and Manufacturing was founded by Mr. Do Duy Thai’s family. Mr. Thai is currently the General Director of Vietnam Steel and also the Chairman of Pomina Steel.
Pomina’s financial position remained strained. At end-2025, the company reported liabilities of about VND 9.5 trillion, while cash on hand was only VND 29 billion.
The deal came after a period of sharp volatility in POM shares. In November 2025, the stock reached the ceiling price for 11 consecutive sessions following news of cooperation with Vingroup, but later collapsed.
As of the close on April 21, POM traded at 4,100 VND per share, down more than 55% from its peak reached at the end of January 2026.
On May 4, Pomina will hold its 2026 annual general meeting. The agenda includes corporate restructuring, and it will be the first meeting since Pomina announced its cooperation with Vingroup in late November 2026.
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