Islami Bank shares worth Tk525cr traded on CSE
16.1 crore shares were traded on the CSE, only 258 on the DSE on Tuesday
The shares of Islami Bank Bangladesh worth Tk525 crore changed hands on the Chittagong Stock Exchange (CSE) on Tuesday.
According to the CSE website, investors traded a total of 16.1 crore shares — 9.99% of the bank's total shares — in five transactions.
The shares were traded at Tk32.3 each, which was both the opening and closing price of the bank's stock on Tuesday.
Meanwhile, on the Dhaka Stock Exchange (DSE), only 258 Islami Bank shares were traded.
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In July, Arabsas Travel and Tourist Agency — a Saudi Arabia-based company — withdrew the directorship from the board of the bank. Before withdrawal, Musaid Abdullah A Al-Rajhi served as the director of Islami Bank for a long time on behalf of the Saudi firm. Arabsas Travel holds 9.99% shares of Islami Bank.
Islami Bank's Managing Director Mohammed Monirul Moula told The Business Standard, "The Saudi-based company withdrew the directorship, but I do not know about the sale of shares."
In July, Islami Bank appointed Abu Sayeed Mohammad Quasem, nominated by Armada Spinning Mills, Showkat Hossain, nominated by Kingsway Endeavors, and Jamal Mostafa Chowdhury, nominated by Uniglobe Business Resources, as shareholder directors. The three organisations jointly hold 11.07% shares of Islami Bank.
And in June, Ahsanul Alam, son of S Alam Group Chairman Saiful Alam Masood, was appointed as a shareholder director of the bank as a nominee of JMC Builders. Currently, he is the chairman of the bank.
At present, Islami Bank has two foreign directors named Yousif Abdullah A Al-Rajhi and Mohamad Al-Midani nominated by Saudi Arabia-based Al-Rajhi Co.
Since April this year, a large amount of Islami Bank's shares has been transacted through the block market. A total of 14.63 crore shares worth Tk477 crore were traded there. The TBS identified the seller but did not confirm the buyer.
However, the United Arab Emirates-based BTA Wealth Management, one of the top buyers to be identified, bought over 2% stake in the bank.
According to the DSE, sponsors and directors of the bank hold 42.98% shares, institutions 13.58%, foreign investors 34.49% and public 8.95% as of July.
