PG Bank shares offered by Petrolimex 'attract' investors

According to the announcement of Ho Chi Minh City Stock Exchange (HOSE), 16 investors have registered to bid to buy more than 212.9 million PGB shares of Petrolimex Joint Stock Commercial Bank (PG Bank) due to divestment by Vietnam National Petroleum Group ( Petrolimex ). The number of registered buyers is 77% higher than the 120 million PGB shares that Petrolimex announced to offer.

16 investors registered for the auction, including 9 individual investors and 7 institutional investors, all of whom are domestic investors. The group of individual investors registered to buy 13.5 million shares and the institutional investors registered to buy 199.5 million shares.

Investors registered to buy PG Bank shares higher than the number Petrolimex offered.

According to the previously announced divestment plan, Petrolimex will auction 120 million PGB shares (common and freely transferable shares), equivalent to more than 40% of charter capital at PG Bank, with a starting price of VND21,300/share. The divestment will be carried out in the form of a public auction at HOSE on April 7. The minimum number of registered purchases is 100 shares and investors must register in multiples of 100 shares.

PGB shares have been on an upward trend since the session on March 21. At the close of trading on April 3, PGB shares reached VND22,700/share, equivalent to an increase of nearly 25% after 7 trading sessions, exceeding Petrolimex's expected offering price.

Petrolimex announced the complete divestment of its capital from the bank to focus on core business activities in accordance with the Government's direction and the provisions of the Law on Credit Institutions. At the same time, it created opportunities for strategic investors in PG Bank.

In the fourth quarter of 2022, Petrolimex holds 40.57% of PG Bank's equity, equivalent to an investment value of VND1,834 billion. If the deal is successful at the starting price, Petrolimex could earn a profit of VND722 billion.

Petrolimex's divestment from PGBank is assessed by investors to have certain impacts on the bank's operations due to factors such as deposits, loans, guarantees, payment services at gas stations... Petrolimex leaders said that after the divestment, there was no specific commitment between Petrolimex and PG Bank regarding the group's deposit balance at the bank. However, the petroleum group still maintains certain priority for PG Bank on the principle of ensuring equality between businesses and partners...

Source: https://thanhnien.vn/co-phieu-pg-bank-do-petrolimex-chao-ban-hut-nha-dau-tu-18523040408433882.htm