TC Group’s ecosystem under Chairman Nguyen Anh Tuan is getting quite “close” to PGBank
After having a supposedly “systematic” appearance at the Prosperity and Development Bank (PGBank), formerly known as Petrolimex Commercial Joint Stock Bank, recently, companies in the ecosystem of Thanh Cong Group (TC Group) continuously have related transactions arising with PGBank, and PGBank gradually seems to become a place to “keep money” for enterprises in the TC Group.
As for businesses in the TC Group ecosystem’s real estate group , on September 19, 2023, Viet Hung Industrial Zone Development Joint Stock Company , a business that TC Group announced is aiming to develop into a Thanh Cong Viet Hung Automotive Supporting Industrial Complex, mortgaged to PGBank Quang Ninh a series of property rights arising from the infrastructure construction investment project of Viet Hung Industrial Zone. The value of the loan/obligation related to this transaction is over 15.4 billion VND.
Businesses in the TC Group ecosystem’s real estate group. Screenshot. Source: TC Group
On August 23, 2023, Thanh Cong Technology Construction and Production Joint Stock Company mortgaged to PGBank Quang Ninh the right to claim debts formed in the future by the Guarantor under the construction contract No. 07/2023/HĐ/TCVH-CNTC dated May 15, 2023, signed between Thanh Cong Viet Hung Technology Complex Industrial Zone Joint Stock Company and Thanh Cong Technology Construction and Production Joint Stock Company on the implementation of Package C.XD.06 – Construction of infrastructure of phase II and test road of the project: Investing in the construction of Thanh Cong Viet Hung automobile factory. The value of the loan/obligation related to this transaction is over 42 billion VND.
On October 25, 2023, Thanh Cong Technology Construction and Production Joint Stock Company continued to mortgage to PGBank Quang Ninh the Guarantor’s right to claim debts arising from the construction contract No. 06/2023/HĐ/TCVH-CNTCVC1 dated May 15, 2023, between Thanh Cong Viet Hung Technology Complex Industrial Zone Joint Stock Company and Thanh Cong Technology Construction and Production Joint Stock Company. The value of the loan/obligation related to this transaction is over 14.2 billion VND.
On January 5, 2024, Hyundai Thanh Cong Global Electrical – Electronic Equipment Joint Stock Company , a company under TC Group specializing in manufacturing, fabricating, and installing technological equipment, elevator and escalator equipment, heating, refrigeration, air conditioning, ventilation, lighting systems, etc., has generated 02 secured transactions thereby transferring to PGBank Hanoi the right to claim debts, the right to demand payment, the right to receive insurance, the right to be compensated for damages, and the right to receive benefits arising from Construction Contract No. 09/2023/34H/HĐTC/TCVH-HTE, effective from July 20, 2023, and the signed annexes between Thanh Cong Viet Hung Technology Complex Industrial Zone Joint Stock Company (Investor) and Hyundai Thanh Cong Global Electrical – Electronic Equipment Joint Stock Company (Contractor).
Businesses in the TC Group ecosystem’s automobile group. Screenshot. Source: TC Group
As scheduled, PGBank will hold the 2024 annual general meeting of shareholders tomorrow (April 20). Previously, on April 11, PGBank completed the registration of capital increase by 1,200 billion VND, thereby raising the bank’s charter capital to 4,200 billion VND.
In 2024, PGBank sets a target of total net revenue of over 2,000 billion VND, an increase of nearly 50% year-on-year. Pre-tax profit is expected to reach 554 billion, an increase of nearly 60%. The bank’s total assets are expected to increase by more than 14%, reaching over 63,500 billion VND.
