PG Bank increases foreign room from 2% to ceiling 30%

Petrolimex Commercial Joint Stock Bank (PG Bank, UPCoM: PGB) has just announced the adjustment of the maximum ownership ratio of foreign investors at the bank from 2% to 30% (the prescribed ceiling) from June 26.

According to data from the Vietnam Securities Depository, foreign investors only own a total of 306,300 PGB shares, equivalent to 0.1% of outstanding shares. Accordingly, foreign room at PG Bank is currently 29.9% empty and is one of the few banks that still has almost all foreign room empty.

In addition to PG Bank, there are currently many banks in the system with very low foreign ownership ratios, even still having 100% unused foreign room such as: SeABank, Bac A Bank, Nam A Bank, VietCapital Bank, KienLongBank, VietABank, VietBank, SHB, LienVietPostBank...

Previously, PG Bank reduced the maximum foreign ownership ratio from 30% to 2% to support the divestment of the Vietnam National Petroleum Group (Petrolimex).

Petrolimex has organized a public auction of 120 million PGB shares of PG Bank at the Ho Chi Minh City Stock Exchange (HoSE) since April 7.

PG Bank has reduced the maximum foreign ownership ratio from 30% to 2% to support the divestment activities of the Vietnam National Petroleum Group (Petrolimex).

According to Nguoi Dua Tin's private sources, many businesses that bought the auctioned shares of Petrolimex, and of course the resold shares of TNG Holdings, to complete their control of PGBank, have many special connections.

More specifically, the three legal entities that purchased the entire 40% auction lot of PGBank are Cuong Phat International JSC, Vu Anh Duc Trading JSC and Gia Linh Import-Export and Trade Development LLC.

In particular, Vu Anh Duc Trading Joint Stock Company updated to the middle of last year had Mr. Vu Van Nhuan as Chairman of the Board of Directors. Mr. Nhuan at that time was the Director of TCHB Company Limited - a subsidiary of TC Viet Hung Technology Complex Industrial Park Joint Stock Company .

Source: https://www.nguoiduatin.vn/pg-bank-noi-room-ngoai-tu-2-len-muc-tran-30-a614769.html