Petrolimex's replacement shareholder has appeared, what will happen at PG Bank's extraordinary shareholders' meeting?

As planned on October 23, Petrolimex Joint Stock Commercial Bank (PG Bank) will hold an extraordinary General Meeting of Shareholders (AGM) in 2023. This will be the first meeting after the appearance of new shareholders replacing Petrolimex.

PG Bank has just added some new documents. In particular, PG Bank added 2 important contents: the draft proposal to approve the personnel of the Board of Directors and Board of Supervisors for the 2020-2025 term and the draft proposal to approve the plan to increase charter capital.

Previously, this bank only submitted a few proposals such as changing the trade name and head office location and a draft proposal for the Board of Directors to develop, approve and implement a restructuring plan associated with bad debt settlement for the period 2021 - 2025.

PG Bank will increase charter capital.

Adding two important contents based on practice, the extraordinary General Meeting of Shareholders will approve the change in personnel number, dismissal of members of the Board of Directors, dismissal of members of the Board of Supervisors, addition of members of the Board of Directors, addition of members of the Board of Supervisors.

PG Bank currently has a charter capital of 3,000 billion VND.

Previously, the State Bank had approved in writing three new legal entities of PG Bank: Gia Linh Import-Export and Trade Development Company Limited (holding more than 39.29 million PG Bank shares, equivalent to 13.099% of voting shares); Cuong Phat International Joint Stock Company (holding more than 40.62 million shares, equivalent to 13.541% of voting shares) and Vu Anh Duc Trading Joint Stock Company (holding more than 40 million PG Bank shares, equivalent to 13.359% of voting shares).

The appearance of the three major shareholders mentioned above makes the market almost certainly speculate that the new trade name of PG Bank will no longer have the Petrolimex element.

Source: https://vietnamnet.vn/co-dong-the-chan-petrolimex-lo-dien-dhcd-bat-thuong-pg-bank-se-co-gi-2201469.html