SGGPO
Three institutional investors will receive a total of 119.9 million shares, equivalent to 40% of PG Bank's charter capital.
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| Transaction at PGBank |
The State Bank of Vietnam (SBV) has just issued a document approving three institutional investors to purchase and receive the transfer of shares of Petrolimex Commercial Joint Stock Bank (PG Bank - PGB) from Petrolimex Group, becoming major shareholders of this bank.
The three institutional investors are: Gia Linh Import-Export and Trade Development Company Limited, expected to receive the transfer of 39.3 million shares, equivalent to 13.1% of shares; Cuong Phat International Joint Stock Company expected to receive the transfer of 40.5 million shares, equivalent to 13.54% of shares and Vu Anh Duc Trading Joint Stock Company expected to receive the transfer of 40.1 million shares, equivalent to 13.36% of shares.
Accordingly, the above 3 institutional investors will receive a total transfer of 119.9 million shares, equivalent to 40% of PG Bank's charter capital.
PG Bank is a bank subject to restructuring in the direction of transferring capital or merging because the major and founding shareholder, Petrolimex, is no longer allowed to continue investing in and holding the bank according to regulations.
Therefore, in April 2023, Petrolimex divested from PG Bank through the successful auction of 120 million PGB shares to 4 investors, including three organizations, the 3 above-mentioned companies and one individual. The average purchase price is 21,400 VND/share. After divesting from PG Bank, Petrolimex expects to collect about 2,568 billion VND.
Recently, there have been many changes in PG Bank's senior personnel. On August 25, 2023, two members of the Board of Directors, Mr. Oliver Schwarzhaupt and Mr. Nilesh Ratilal Banglorewala (independent member), submitted their resignations from the Board of Directors (BOD) of PG Bank.
Ms. Duong Anh Tuyet, Head of the Supervisory Board, also submitted a resignation letter. In July 2023, Mr. Oliver Schwarzhaupt was also dismissed from the position of Chairman of the Board of Directors of PG Bank at his personal request.
PG Bank also dismissed Mr. Nguyen Phi Hung from the position of General Director and appointed Mr. Hung as Chairman of the Board of Directors for the 2020-2025 term, replacing Mr. Oliver Schwarzhaupt. Mr. Pham Manh Thang, former Deputy General Director of Vietcombank, was also appointed as Acting General Director of PG Bank, performing the powers and duties of the General Director according to the charter.
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