{"id":18167,"date":"2023-03-23T13:16:51","date_gmt":"2023-03-23T06:16:51","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=18167"},"modified":"2023-03-23T13:16:51","modified_gmt":"2023-03-23T06:16:51","slug":"gtjasvn_pgb-equity-report_introduction_petrolimex-to-divest-from-pgb_mar-2023","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_pgb-equity-report_introduction_petrolimex-to-divest-from-pgb_mar-2023\/","title":{"rendered":"GTJASVN_PGB Equity Report_Introduction_Petrolimex to divest from PGB_Mar 2023"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">MAIN CONTENT<\/span><\/strong> <br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">On April 7, 2023, Petrolimex will divest all 120 million PGB shares in the form of a public auction via HoSE. The starting price for the disinvestment will take the highest price of the following two prices: the price determined by the organization with the valuation function according to the asset method (VND21,300 or US$0.91 per share) or the average reference price of 30 consecutive trading sessions of PGB shares before the approval date of the divestment plan.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We believe that the divestment of Petrolimex will affect PGBank in two aspects: (i) Business activities with Petrolimex&#8217;s ecosystem including deposits, loans, and payment services may be negatively impacted over the long term. (ii) New shareholders could bring a new breeze to the bank. In addition, with a foreign ownership rate of approximately 0% at the moment, PGB is one of the rare banks that still have &#8220;foreign room&#8221; left and is a name worth observing for foreign investors interesting in the Vietnam\u2019s banking sector.<\/span><br \/>\n<strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">RECOMMENDATION<\/span><\/strong><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We recommend &#8220;Neutral&#8221; to PGB stock as (1) the bank&#8217;s business activities have not yet had an outstanding advantage compared to the peers and (2) the new major shareholder has not been disclosed and the business expectations are still gloomy.<\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-18167","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_PGB Equity Report_Introduction_Petrolimex to divest from PGB_Mar 2023 - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_pgb-equity-report_introduction_petrolimex-to-divest-from-pgb_mar-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_PGB Equity Report_Introduction_Petrolimex to divest from PGB_Mar 2023 - GTJA\" \/>\n<meta property=\"og:description\" content=\"MAIN CONTENT On April 7, 2023, Petrolimex will divest all 120 million PGB shares in the form of a public auction via HoSE. 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