On 16 September 2010, the State Bank of Vietnam issued the permit for PG Bank to increase its charter capital from VND 1.000 billion to VND 3.000 billion.
The plan to increase the charter capital was approved at the Resolution of shareholders meeting on 22 April, 2010. The additional plan was approved at the Resolution of Board of Management Meeting on 23 August, 2010. On 20 August, 2010, The State Bank of Vietnam also approved PG Bank’s proposal for converting VND 1000 billion of bonds to equities in December 2010.
According to the approved schedule, PG Bank will proceed to increase the charter capital from VND 1000 billion to VND 3000 billion in 2 phases:
- Phase 1: issue VND 1000 billion of ordinary shares to raise the capital from VND 1000 billion to VND 2000 billion in the fourth quarter of 2010.
- Phase 2: convert VND 1000 billion of issued convertible bonds into ordinary shares to increase the capital from VND 2000 billion to VND 3000 billion in December 2010.