Pomina Steel Parent Viet Steel Sells 4.18M POM Shares, Falls Short of 7.5M Target

Overview

Viet Steel, the parent company of Pomina Steel (POM), sold 4.18 million POM shares from March 20 to April 17, 2026, completing only part of a registered 7.5 million share divestment due to not reaching expected prices. The transaction reduces Viet Steel’s ownership from 52.54% to 51.03%, maintaining majority control while indicating price sensitivity in the steel sector. This follows a previous failed attempt to sell the same volume in January-February 2026.

Key Facts

• Viet Steel sold 4.18 million POM shares from March 20 to April 17, 2026, out of a registered 7.5 million.
• Ownership decreased from 146.3 million shares (52.54%) to 142.14 million shares (51.03%).
• The company cited “not reaching the expected price” as the reason for not completing the full divestment.
• This follows a previous unsuccessful attempt to sell 7.5 million shares from January 19 to February 13, 2026, for the same price reason.
• POM shares traded between VND 3,900 and VND 4,200 during the divestment period.
• Pomina Steel’s Annual General Meeting of Shareholders is scheduled for May 4, 2026, with restructuring on the agenda.
• Chairman Đỗ Duy Thái, who founded Viet Steel, personally holds 869,400 POM shares (0.31%).

What Happened

According to a filing by Viet Steel Company Limited (Viet Steel), the parent company of Pomina Steel Joint Stock Company (POM), the firm sold 4.18 million POM shares between March 20 and April 17, 2026. This represented only a partial execution of a registered plan to divest 7.5 million shares. Viet Steel explicitly stated the transaction was not completed because it “did not achieve the expected price.” The filing confirms this follows a prior attempt from January 19 to February 13, 2026, to sell the same 7.5 million shares, which also failed due to price expectations.

The sale reduces Viet Steel’s stake in Pomina Steel from over 146.3 million shares (52.54%) to 142.14 million shares (51.03%). Despite the divestment, Viet Steel retains majority control. The filing notes that Viet Steel was founded by the family of Đỗ Duy Thái, who serves as Chairman of the Board of Directors and General Director of Pomina Steel, and personally holds a 0.31% stake in POM.

Market Context

Pomina Steel (POM) trades on the UPCOM exchange and has experienced significant volatility in 2026, with a sharp rise in January followed by a decline in early April. During the divestment period from March 20 to April 17, POM shares fluctuated between VND 3,900 and VND 4,200. On April 10, 2026, POM closed at VND 4, up 2.50% with a volume of 2.8 million shares, reflecting active trading amid the ownership changes. The steel sector in Vietnam faces pressures from global commodity cycles and domestic demand, influencing investor sentiment toward stocks like POM.

Strategic Significance

The partial divestment suggests Viet Steel is balancing liquidity needs with maintaining strategic control, as the 51.03% stake ensures continued influence over Pomina Steel’s operations and restructuring plans. The repeated emphasis on price expectations indicates a valuation floor perceived by the parent company, potentially signaling confidence in underlying asset value despite market volatility. For long-term investors, this move may reduce near-term selling pressure while keeping ownership concentrated, which could support stability in corporate governance decisions, especially with the upcoming AGM focusing on restructuring.

What to Watch

• Pomina Steel’s Annual General Meeting on May 4, 2026, for details on restructuring plans and other shareholder resolutions.
• Future filings from Viet Steel regarding additional divestment attempts or changes in ownership structure.
• POM’s quarterly financial results to assess performance amid steel market conditions and ownership changes.
• Market price movements of POM shares relative to the VND 3,900-4,200 range observed during this divestment period.
• Updates on sector-wide trends in Vietnamese steel, including demand and regulatory developments.