Three Kuwaiti investors in Islami Bank Bangladesh Ltd (IBBL) have received permission from the Bangladesh Securities and Exchange Commission (BSEC) to offload their equity holdings in the bank, official sources said Sunday.
The three investors from Kuwait as the sponsors of IBBL own 15 per cent of IBBL’s paid-up capital. The number of their shares total 200,433,225.
Each share of IBBL having a face value of Tk 10 was traded at Tk 41.70 last. On the basis of this price at the close of trading last week, the aggregate market value of the three Kuwaiti equity holders in the IBBL stood at around Tk 8.358 billion. The country’s bourses had no trading activity during the subsequent three days for weekend and a public holiday.
The Public Institution for Social Security, Kuwait owns 6.0 per cent of IBBL’s aggregate paid-up capital, totalling 80,843,000 shares, Kuwait Awqaf Public Foundation, 4.0 per cent with its shares, amounting to a total of 53,884,100, and Kuwait Finance House, 5.0 per cent of paid-up capital, holding 65,706,125 shares.
The IBBL, however, has not received any information from any relevant quarters about the proposed sale/transfer of the shares, said a highly-placed source in the IBBL.
The company, whose shares are proposed for sale or transfer by any of its sponsors, has to be informed first under the existing rule, the IBBL sources added.
The official sources said in February the aforesaid Kuwaiti companies applied to the BSEC through the Ministry of Foreign Affairs (MoFA), seeking permission to sell their shares.
The BSEC gave its approval recently to sell their shares through the country’s two stock exchanges.
“The aforesaid owners can sell their shares through the stock exchanges complying with the commission’s notification, dated November 22, 2011. The seller may be advised to contact the stock exchanges for the next course of action,” a letter, sent to the MoFA by executive director of BSEC Anowarul Islam, reads.
Under the existing security rules, sponsors and directors of a company are required to take permission from the BSEC to buy or sell their holdings.
According to the 2011 annual report of IBBL, some 58.67 per cent of the bank’s paid-up capital, involving a total amount of 587,228,520 shares, is being held by foreigners.
The bank is running its businesses through 276 branches across the country. The aggregate amount of its deposit has reached the level of Tk 420 billion which is 7.7 per cent of the country’s total deposits in the banking sector.
The IBBL earned Tk 18.3
Source: Financial Express
