Petrolimex Joint Stock Commercial Bank (PG Bank - UPCoM: PGB) has just announced information about receiving an official dispatch from the State Bank approving the purchase and transfer of shares by 3 companies, leading to them becoming major shareholders at PG Bank.
Specifically, Gia Linh Import-Export and Trade Development Company Limited plans to receive the transfer of nearly 39,296,018 PGB shares, equivalent to 13.099% of voting shares at PG Bank.
Cuong Phat International JSC plans to receive the transfer of more than 40,623,954 PGB shares, equivalent to 13.541% of voting shares. Vu Anh Duc Trading JSC plans to receive the transfer of 40,079,228 PGB shares, equivalent to 13.359%.
Thus, 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 and the three companies are required to comply with the law and PG Bank's charter on share ownership and purchase and transfer of shares from shareholders.
In addition, the State Bank also requires companies to fulfill their obligations and responsibilities as shareholders, be responsible before the law for the legality of the transferred capital, not to use capital provided by credit institutions or foreign bank branches to receive transfers, not to contribute capital or buy shares of PG Bank under the name of individuals, legal entities or in any form, except in cases of authorization as prescribed.
PG Bank is also entitled to suspend the shareholder rights of the above 3 companies if it discovers that they have provided incorrect information about the real owners of the shares. Within 7 days from the completion of the transfer, PG Bank must report to the State Bank on the results of the transaction.
Recently, Petrolimex Joint Stock Commercial Bank has had a series of changes in senior leadership, accordingly, Mr. Nguyen Phi Hung - former General Director of PG Bank - assumed the position of Chairman of the Board of Directors of this bank from July 3rd, replacing Mr. Oliver Schwarzhaupt who was appointed 2 months ago. Mr. Pham Manh Thang held the position of Acting General Director from July 2nd, replacing Mr. Nguyen Phi Hung.
On October 23, PG Bank will hold an extraordinary general meeting of shareholders to complete the personnel of the Board of Directors and the Supervisory Board. At this meeting, PG Bank will also present a plan to increase charter capital, change the trade name and head office location. At the same time, the restructuring plan associated with bad debt settlement for the period 2021-2025. The shareholder list will be finalized on August 15, 2023.
Ahead of the Congress, a series of senior personnel at PG Bank have submitted their resignations. Specifically, on August 25, PG Bank announced the resignations of Mr. Oliver Schwarzhaupt - Member of the Board of Directors (BOD); Mr. Nilesh Banglorewala - Independent BOD Member and Ms. Duong Anh Tuyet - Member of the Supervisory Board.
Previously, Mr. Nguyen Tuan Vinh also resigned from the position of Head of the Board and withdrew from the position of member of the Board of Supervisors.
In the first 6 months of the year, PG Bank's net interest income reached nearly VND680.7 billion, up 25% over the same period. During the period, the bank also reduced its provisioning costs by 33% to VND86.6 billion. As a result, PG Bank's pre-tax profit was VND303 billion, up 24% over the same period. Compared to the results achieved, the bank has completed nearly 57% in the first 6 months of the year.
As of June 30, 2023, PG Bank's total assets were VND46,987 billion, down 4% compared to the beginning of the year. Of which, cash decreased by 42% to VND193 billion, deposits at other credit institutions decreased by 3% to nearly VND10,804 billion .
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