Buyers keen to take stake in PGBank
In this article (5)
Sixteen potential buyers have registered to purchase a combined 213 million shares of PGBank, almost twice the number its biggest shareholder is selling.
The buyers, comprised of nine individuals and seven domestic organizations, have signed up to participate in the auction of 120 million shares of PGBank, or a 40% stake, which is being sold by Vietnam’s oil and gas giant Petrolimex.
At a starting price of VND21,300 ($0.91) per share, Petrolimex is set to get at least VND2.55 trillion from the sale.
MSB, another lender, is set to seek shareholder permission to buy a domestic credit organization which is “operating normally and high credit quality.”
PGBank is among the lenders that MSB is interested in buying, a leader of the latter told reporters recently.
Several key leaders of MSB have left the lender for PGBank in recent years.
In March 2020, Hoang Xuan Hiep left MSB for PGBank and is now the deputy director in charge of debt handling.
In November 2020, Nguyen Phi Hung, a former deputy director, became the CEO of MSB.
In February this year, Do Thanh Cong, who used to be a member of the risk department of MSB, became a deputy director of PGBank.
PGBank had total assets of nearly VND49 trillion last year and equity of VND3 trillion, the lowest in the banking system.
Questions & Answers
Q.What is the minimum amount Petrolimex expects to receive from the sale of its PGBank shares?
What is the minimum amount Petrolimex expects to receive from the sale of its PGBank shares?
Petrolimex expects to receive at least VND2.55 trillion from the sale. This calculation is based on the starting price of VND21,300 per share for the 120 million shares being offered.
Q.Why might MSB be interested in acquiring PGBank, given the details in the article?
Why might MSB be interested in acquiring PGBank, given the details in the article?
MSB is interested in PGBank as it is seeking permission to buy a domestic credit organisation that is operating normally and has high credit quality. Also, several key leaders have recently moved from MSB to PGBank.
Q.What are the latest reported financial figures for PGBank regarding its assets and equity?
What are the latest reported financial figures for PGBank regarding its assets and equity?
Last year, PGBank reported total assets of nearly VND49 trillion and equity of VND3 trillion. The article notes that this equity figure is the lowest in the banking system.
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