Jewelry giant DOJI to increase ownership in TPBank (TPB) to 8 pct
Vietnam’s largest jewelry company DOJI, a shareholder in TPBank, has registered to buy another 11.6 million shares to increase its stake in the bank to 8 percent.
A woman covers her face as she walks out TPBank in Hanoi. Photo by Reuters/Kham.
The order-matched transactions are expected to take place from November 26 to December 25. DOJI currently owns nearly 57 million shares, equivalent to 6.64 percent of the bank’s capital.
DOJI began to buy into TPBank in 2012 after siblings Do Minh Phu and Do Anh Tu sold their 95 percent stake in personal care brand Diana to Japan’s Unicharm for nearly VND4 trillion ($171.7 million).
Phu is chairman of DOJI’s foundation committee and investment committee. He has also been the chairman of the bank since 2012. Tu is the vice chairman.
In June, DOJI acquired jewelry chain The Gioi Kim Cuong (Diamond World Company) whose annual revenues are estimated at trillions of dong.