A PG Bank's employee talking to a customer at its office. Photo courtesy of PG Bank (Photo: VNA)According to the plan, the company will disinvest its capital in the form of apublic auction through the Ho Chi Minh Stock Exchange (HoSE). Petrolimexcurrently holds 120 million shares, equivalent to 40% of PG Bank's shares.
The starting price for the disinvestment will take the highest price of thefollowing two prices: the price determined by the organisation with thevaluation function according to the asset method (21,300 VND or 0.91 USD pershare) or the average reference price of 30 consecutive trading sessions of PGBshares on the UpCOM exchange before the approval date of the divestment plan.
At the temporary price of 21,300 VND, the size of the disinvestment is at leastover 2.5 trillion VND.
PG Bank is one of the banks with the lowest charter capital in the system andhas remained unchanged for many years at 3 trillion VND. In 2022, the bank alsodidn't plan to increase its charter capital, marking its 12th consecutive yearof unchanging charter capital. It had paid dividends for ten straight years bylast year.
Previously, PG Bank planned to merge with VietinBank but the deal failed in2018. After that, HDBank had a merger agreement with PG Bank, but the plan wasalso cancelled in 2021.
In terms of business results, PG Bank's profit before tax in the fourth quarterwas more than 119 billion VND, a 107% increase over the same period of 2021.
For the whole of 2022, the bank's profit before tax reached 506 billion VND, up54% year-on-year and exceeding 24% of its yearly plan./.
VNA
