S Alam Group’s stake in Islami Bank to be sold to recover Tk10,000cr
The bank will approach former foreign shareholders like IFC and Saudi Investor Al Raji group to invest in it again
The Islami Bank Bangladesh PLC plans to sell its shares which were seized by Bangladesh Bank soon after the fall of the Sheikh Hasina government.
These shares were largely owned by the controversial S Alam Group.
Newly-appointed Islami Bank Chairman Obayed Ullah Al Masud made the disclosure as part of the stolen money recovery strategy at a press conference held at the central bank premises today (18 November).
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He said Islami Bank has a gap of Tk20,000 crore between investments and deposits. This gap will be mitigated by selling the shares held by the S Alam Group and issuing new shares.
S Alam Group has shares worth Tk1,600 crore in face value, which have a market price of nearly Tk10,000 crore considering the current price of each share price at Tk60 at the Dhaka Stock Exchange.
The remaining Tk10,000cr will be raised through issuing new shares, said Obayed.
The bank will approach former foreign shareholders like IFC and Saudi Investor Al Raji group and invite them to invest in it again by January, he added.
Speaking at the press conference, Bangladesh Bank Governor Ahsan H Mansur said the inclusion of previous foreign investors will increase the bank's credibility.
