Petrolimex currently owns 120 million shares in PG Bank, equivalent to 40% of the total outstanding shares of this bank. Petrolimex will hold a public auction at the Ho Chi Minh City Stock Exchange with a starting price of VND12,300/share.
The minimum number of registered shares to buy is 100 PG Bank shares and must be registered in sets of 100. Thus, it is estimated that if the offering is successful at the starting price, the "big guy" Petrolimex will earn more than 2,556 billion VND. The specific auction date has not been announced.
Petrolimex sells all shares at PG Bank
Currently, PG Bank shares with the code PGB are trading on UPCoM at VND17,050. Since the beginning of the year, when there was information that Petrolimex would divest, PGB shares have had many sessions of increase contrary to the general market. For example, from a price of under VND15,000/share, by the beginning of February, PGB had increased to VND19,500/share, an increase of more than 30%. However, the starting price offered by Petrolimex is also 25% higher than the price of PGB on the floor.
According to the 4th quarter 2022 report, Petrolimex is holding 40.57% of PG Bank's equity, equivalent to an investment value of VND 1,834 billion . If the deal is successful, Petrolimex can earn an accounting profit of VND 722 billion . This is an extraordinary profit in 2023 for the petroleum group.
As for PG Bank, in 2022, it achieved pre-tax profit of VND 506 billion, an increase of 54% compared to 2021 and exceeding the annual plan by 24%.
Previously, in early February, Petrolimex also announced the divestment of capital from Dong Nai Construction Materials and Fuel Joint Stock Company (stock code BMF) through a public auction at the Hanoi Stock Exchange. It is expected that on March 8, an auction of 443,500 BMF shares will take place with a starting price of VND40,900/share. The total value of the shares at the starting price is estimated to be more than VND18 billion.
However, BMF shares are currently trading on UPCoM at VND27,800, so the starting price and the auction price offered by Petrolimex are nearly 50% higher.
Source: https://thanhnien.vn/petrolimex-chao-ban-toan-bo-co-phieu-ngan-hang-pg-bank-voi-gia-21300-dong-185230301113016939.htm
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