Union Capital to get 1.14 crore NCC Bank shares from loan defaulter
Union Capital secured the court order for the share transfer in November and based on the order, the DSE approved the plan recently
Union Capital Ltd, a non-bank financial institution (NBFI), will get 1.2% shares of NCC Bank Limited from Mohammad Ali, a client of the NBFI and also a sponsor of the listed commercial bank.
The Dhaka Stock Exchange (DSE) has approved the plan to transfer 1.14 crore NCC Bank shares from Mohammad Ali's investment account to the beneficiary account of Union Capital in 30 working days, as ordered by the court.
Mohammad Ali, also a director of Chattogram-based listed company Imam Button Industries Ltd, could not be reached over the telephone for comment despite several attempts.
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However, a Union Capital official told The Business Standard that they applied before the court to liquidate the NCC Bank shares held by Mohammad Ali, who defaulted on loans taken from the NBFI.
Union Capital secured the court order in November and based on the order, the DSE approved the share transfer plan recently.
NCC Bank shares closed at Tk14.10 per share on Sunday at the DSE.
The bank was listed on the DSE in 2000. Its paid-up capital is Tk945.92 crore.
Out of its total shares, the sponsors and directors collectively hold 38.88%, institutional investors 20.56%, foreign investors 0.44%, and general investors 40.12%.
