Petrolimex to disinvest in PG Bank

HÀ NỘI — Vietnam National Petroleum Group (Petrolimex) just approved the resolution of the Board of Directors on a plan to disinvest in Petrolimex Group Co妹妹ercial Joint Stock Bank (PG Bank).

According to the plan, the company will disinvest its capital in the form of a public auction through the Hồ Chí Minh Stock Exchange (HoSE). Petrolimex currently holds  一 二0 million shares, equivalent to  四0 per cent of PG Bank's shares.

The starting price for the disinvestment will take the highest price of the following two prices: the price determined by the organisation with the valuation function according to the asset method (VNĐ 二 一, 三00 or US$0. 九 一 per share) or the average reference price of  三0 consecutive trading sessions of PGB shares on the UpCOM exchange before the approval date of the divestment plan.

At the temporary price of VNĐ 二 一, 三00, the size of the disinvestment is at least over VNĐ 二. 五 trillion. 

PG Bank is one of the banks with the lowest charter capital in the system and has remained unchanged for many years at VNĐ 三 trillion. In  二0 二 二, the bank also didn't plan to increase its charter capital, marking its  一 二th consecutive year of unchanging charter capital. It had paid dividends for ten straight years by last year. 

Previously, PG Bank planned to merge with VietinBank but the deal failed in  二0 一 八. After that, HDBank had a merger agreement with PG Bank, but the plan was also cancelled in  二0 二 一. 

In terms of business results, PG Bank's profit before tax in the fourth quarter was more than VNĐ 一 一 九 billion, a  一0 七 per cent increase over the same period of  二0 二 一. 

For the whole of  二0 二 二, the bank's profit before tax reached VNĐ  五0 六 billion, up  五 四 per cent year-on-year and exceeding  二 四 per cent of its yearly plan. — VNS