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Petrolimex eyes quick divestment from PGBank

Apr 27th at 14:01
27-04-2021 14:01:48+07:00

Petrolimex eyes quick divestment from PGBank

Fuel distributor Petrolimex has hired a company to value its 40 percent stake in PGBank to enable its sale, its chairman has revealed without identifying the accounting firm.
A PGBank branch in Hanoi. Photo courtesy of PGBank.

"The expectation is that divestment from PGBank will be accomplished in 2021," Pham Van Thanhsaid at the company’s annual general meeting on Monday.

Earlier efforts to merge PGBank with VietinBank and HDBank failed.

In March, the lender’s management announced the search for a merger partner would cease.

Petrolimex targets revenues of VND135.2 trillion ($5.86 billion) and pre-tax profit of VND3.36 trillion this year, 9 percent and 238 percent higher than in 2020.

Vnexpress

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