Three institutional investors secure 40 per cent stake in PG Bank

On August 29, the State Bank of Vietnam (SBV) formally authorised three institutional investors to acquire significant stakes in Petrolimex Commercial Joint-Stock Bank (PG Bank), transferring shares from Vietnam National Petroleum Group (Petrolimex).

Specifically, Gia Linh Import-Export and Commercial Development Co., Ltd. is slated to acquire approximately 39.3 million shares, representing a 13.1 per cent stake.

International Cuong Phat JSC is set to purchase a further 40.5 million, equating to 13.54 per cent equity.

Finally, Vu Anh Duc Trading JSC anticipates acquiring about 40.1 million shares, corresponding to 13.36 per cent.

Collectively, these three institutional investors are poised to acquire nearly 119.9 million shares, equivalent to 40 per cent of PG Bank's charter capital.

Earlier on April 7, Petrolimex successfully auctioned off 120 million PGB shares to four investors – including the aforementioned three companies and one individual – at an average price of VND21,400 per share (approximately 90 US cents).

Upon divesting from PG Bank, Petrolimex has raked in around VND2.6 trillion ($109.7 million), compared to its initial investment of VND1.08 trillion ($45.6 million).

In related news, PG Bank recently announced plans for an extraordinary general meeting of shareholders in 2023, tentatively scheduled for October 23 in the northern province of Ninh Binh.

Key items on the agenda include board and supervisory board reshuffles, a capital hike, potential rebranding, relocation of the bank's headquarters, and the adoption of a restructuring plan to address non-performing loans from 2021 to 2025.

Furthermore, as of August 25, both Oliver Schwarzhaupt and independent board member Nilesh Ratilal Banglorewala have tendered their resignations. Duong Anh Tuyet, who was recently appointed as head of the Supervisory Board in late July, has also resigned.

Previously, Schwarzhaupt voluntarily stepped down as chairman of PG Bank's board as of July 2. The bank also released Nguyen Phi Hung from his role as general director, subsequently appointing him as chairman for the 2020-2025 term.

Pham Manh Thang, former deputy general director of Vietcombank, has been appointed as the acting general director of PG Bank.

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