Black Diamond Investment Joint Stock Company agreed to acquire 12.5% stake in Cj Cgv Vietnam Company Limited from Phuong Nam Cultural Joint Stock Corporation (HOSE:PNC) for VND 160 billion on June 13, 2018. After the completion of the transaction, the stake of Phuong Nam Cultural Joint Stock Corporation in Cj Cgv Vietnam Company Limited would reduce from 20% to 7.5%. Cj Cgv Vietnam Company Limited reported total sales of VND 1.46 trillion for the year ended December 31, 2017. The transaction is subject to approval by shareholders of Phuong Nam Cultural Joint Stock Corporation. On June 28, 2018, the Board of Directors of Phuong Nam Cultural Joint Stock Corporation approved the transaction. The proceeds received from the sale would be utilized towards repayment of debt of Cj Cgv Vietnam Company Limited. The transaction is expected to be carried out before July 5, 2018.