Pomina Steel Corporation announced a private placement of 70,175,343 common share at a price of VND 10,000 per share for gross proceeds of VND 701,753,430,000 on July 13, 2023. The transaction has been approved by board of directors of the company. The shares issued in the transaction is subject to transfer restrictions of 3 years from the date of closing the transaction.

The company will issue shares in tranches. The first tranche in August 2023 for 10,604,038 shares and second tranche in September 2024 for 59,571,305 shares. The transaction is expected to close in September 2024.