On October 27, 2026, one day before the rights-transfer window closed, the three largest shareholders of Prosperity and Development Commercial Joint Stock Bank (PGBank, ticker PGB) transferred every purchase right they were allotted in the 150-million-share offering to existing shareholders. Together the three companies hold 27.12% of the bank.FireAnt A few days later, PGBank announced that the registration and payment deadline would move from November 4 to December.
The bank's operating results are still improving. Per its Q3 2026 financial statements, pre-tax profit for the first nine months reached VND 629.9 billion, up 26.8% year on year, and total assets at September 30 stood at VND 92,637 billion, up 4.3% from the end of 2025.Người Quan Sát So this story is not about earnings. It is about who pays for the new shares.
Put simply: when a bank issues more shares, anyone who does not buy ends up owning a smaller slice, even though the number of shares in their account has not changed.
Who the three shareholders are and what they did on October 27
According to ownership-change filings reported by Doanh nhân trẻ Việt Nam, all three transactions took place on October 27, 2026:Doanh nhân trẻ Việt Nam
- Cuong Phat International JSC transferred 67,252,954 rights, equal to 13,768,024 new shares. Its projected stake falls from 9.18% to 7.66%.
- Vu Anh Duc Trading JSC transferred 66,351,160 rights, equal to 13,583,409 new shares. Projected stake: from 9.06% to 7.56%.Người Quan Sát
- Gia Linh Import-Export and Trade Development Co., Ltd. transferred 65,054,557 rights, equal to 13,317,968 new shares. Projected stake: from 8.88% to 7.41%.
In total, the three transferred nearly 198.66 million rights, which correspond to about 40.7 million new shares.FireAnt Transferring rights is not the same as selling shares. The group still holds almost 198.66 million shares, but as the bank's total share count grows, their share of the total shrinks. If all 150 million shares in tranche 1 are sold to other buyers, the group's combined stake is projected to fall to about 22.63%.Người Quan Sát
From about 40% to 27.12%: the group's stake over time
April 2025. In PGBank's 80-million-share offering, none of the three exercised their rights. According to Người Quan Sát, the group's combined stake fell from about 40% to 33.6%.Người Quan Sát
January 2026. PGBank completed a much larger issuance. Of 450 million shares registered for sale, the bank placed nearly 131.6 million, about 29.2% of the registered amount. Existing shareholders bought just over 4.43 million shares, almost 127.2 million went to 11 individual investors, and the remaining 318.4 million or so were cancelled. PGBank raised about VND 1,316 billion, lifting charter capital from VND 5,500 billion to nearly VND 6,816 billion.Người đưa tin
One detail belongs next to the "did not buy more" narrative. Also per Người đưa tin, two of the 11 individual investors in the January 2026 round were named as persons related to Vu Anh Duc and Gia Linh, buying 32 million and 19 million shares respectively.Người đưa tin So the three companies not buying directly does not mean people connected to them stayed out of every issuance.
2026, before the current offering. The 2026 annual shareholders' meeting approved a plan to raise charter capital to VND 10,000 billion, through a stock dividend of more than 51.1 million shares and an offering of nearly 267.3 million shares to existing shareholders. After the stock dividend, charter capital rose to more than VND 7,327 billion. At that point the three companies held 27.12%.FireAnt
The schedule of the 150-million-share tranche
On September 16, 2026, the chairman of the State Securities Commission issued registration certificate No. 432/GCN-UBCK, allowing PGBank to offer nearly 267.3 million shares to the public in two tranches.Doanh nhân & Pháp luật Tranche 1 covers 150,000,000 shares at VND 10,000 each, at a ratio of 100,000:20,472, with the record date on October 7. Each share carries one right and fractions are rounded down, so a holder of 1,000 shares can buy 204 new shares for VND 2,040,000.VSDC
Rights could be transferred between October 15 and October 28, so the three shareholders' transfers on October 27 came right at the end of that window. The original registration and payment period ran from October 15 to November 4.VSDC
In early November, PGBank announced it would extend the registration and payment period into December. Per Người Quan Sát, the bank said the change was meant to fit the securities distribution process and market conditions, with all other terms unchanged.Người Quan Sát Outlets report two different dates for the new deadline: Index.vn says December 14, 2026,Index.vn while Markettimes says December 4, 2026.Markettimes Use the date in the notice your brokerage, where your shares are held, sends you.
After the December deadline: where unsold shares go
Under the VSDC notice, tranche 1 shares that go unsold, including those of holders who do not pay, are handled by the board in one of two ways. The first is to offer them to other investors, including other existing shareholders, at no less than VND 10,000, with any remainder moving to tranche 2. The second is to move all unsold shares straight to tranche 2. Shares sold to other investors at the board's discretion carry a one-year transfer restriction.VSDC
Tranche 2 is planned at nearly 117.3 million shares plus whatever tranche 1 leaves unsold, to be carried out within 12 months of tranche 1. If both tranches sell out, PGBank raises nearly VND 2,673 billion and charter capital reaches almost VND 10,000 billion, to be used for working capital and lending.Markettimes
January 2026 shows how this works in practice: most shares were then bought by investors chosen by the board, and the leftover was cancelled. This time, new shares come from shareholders paying on their own rights, from people who bought rights, and from investors allocated the remainder. The largest shareholders have transferred their rights, so they are not part of the first source.
Two outcomes for rights holders
Anyone holding PGB rights, whether a shareholder of record on October 7 or a buyer of rights from another shareholder, now has until the new deadline in December. The two choices lead to different outcomes:
- Register and pay in full before the deadline: the holder receives new shares at 100,000:20,472, VND 10,000 each. Their ownership percentage stays roughly where it was.
- Do not pay: the rights lapse at expiry. The shares already held are unchanged, but the ownership percentage falls as new shares are distributed, exactly as with the three large shareholders. The corresponding shares enter the board's allocation process described above.
The rights-transfer window closed on October 28, so the only choice left is to pay or not.
What to watch after the December deadline
The new money in tranche 1 will not come from the three largest shareholders. This post makes no call on PGB's share price or on whether to pay.
The next marker is the distribution result PGBank publishes after the December deadline. It will show how many of the 150 million shares sold, how many went to other investors, how many moved to tranche 2, and where the group's actual stake lands against the projected 22.63%.