Petrolimex Commercial Joint Stock Bank (PGBank - UPCoM: PGB) has just announced amendments and supplements to the documents of the 2023 Extraordinary General Meeting of Shareholders sent to the State Securities Commission and Hanoi Stock Exchange.
Notably, PGBank plans to seek the opinion of the General Meeting of Shareholders on the dismissal of the Board of Directors' members according to their personal wishes for Chairman of the Board of Directors Nguyen Phi Hung, Vice Chairman of the Board of Directors Nguyen Tien Dung and Board of Directors members Nguyen Manh Hai, Oliver Schwarzhaupt, Nilesh Banglorewala (independent members).
PGBank shareholders will also consider dismissing Ms. Duong Anh Tuyet and Mr. Nguyen Tuan Vinh from the positions of Head of the Supervisory Board and Member of the Supervisory Board.
At the same time, PGBank will consider electing 5 additional members to the Board of Directors, including Mr. Dao Phong Truc Dai, Mr. Pham Manh Thang, Ms. Dinh Thi Huyen Thanh, Mr. Vuong Phuc Chinh and Mr. Nguyen Thanh Lam; and 2 full-time members of the Supervisory Board, including Mr. Tran Ngoc Dung and Mr. Trinh Manh Hoan.
Accordingly, PGBank's new Board of Directors will be reduced from 9 members to 6 members, including at least 1 independent member. The Supervisory Board will be reduced from 4 members to 3 members.
In addition, in the General Meeting of Shareholders document, PGBank's Board of Directors mentioned increasing charter capital from VND 3,000 billion to VND 5,000 billion in two forms: issuing shares to increase equity capital and offering shares to the public.
Of which, the bank plans to mobilize 1,200 billion VND through issuing shares to increase equity capital from owner's equity, corresponding to an issuance ratio of 10:4.
800 billion VND from public offering of shares to existing shareholders, corresponding to the issuance ratio of 15:4 (every 15 purchase rights will receive 4 new shares).
The source of issuance is from accumulated undistributed profit after tax and additional charter capital reserve fund based on audited financial statements. Shares owned by shareholders after exercising their rights will not be subject to transfer restrictions. Expected implementation time is in 2023 and 2024.
Plan to use capital raised from PGBank's share issuance.
PGBank also plans to change its headquarters from floors 16-23-24 of Mipec Tower, Tay Son, Dong Da, Hanoi to HEAC building at 14-16 Ham Long, Phan Chu Trinh, Hanoi.
PGBank said the current headquarters has a usable area of about 3,600 square meters, and was put into use in 2012 when the total staff was about 200 people.
At present, the facilities here have begun to deteriorate and in the near future will not be able to meet the seating needs of staff when PGBank expands its business growth. Therefore, moving the headquarters location is necessary.
In addition, PGBank wants to change its trade name because the old name is associated with its previous major shareholder, the Vietnam National Petroleum Group (Petrolimex). However, Petrolimex has now divested its capital from PGBank and requested the bank to stop using the trademarks owned by Petrolimex before December 31, 2023.
Therefore, changing the trade name and new brand identity of PG Bank is necessary to suit the current situation and restructuring orientation of the bank .
Thu Huong
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