Mir Group increasing stakes in Eastern Bank

Mir Group of Companies – one of the country's largest business conglomerates – has decided to increase its stake in Eastern Bank, a leading private sector lender.

According to stock market stakeholders, this will strengthen the group's position on the bank's board. The group has large businesses in the country's construction and IT sectors.

Coloasia Limited, a concern of Mir Group, has announced on the Dhaka Stock Exchange (DSE) that it will buy 1.97% or 2.11 crore shares of the bank at the prevailing market price in the block market through DSE.

Currently, Coloasia holds 2% shares of Eastern Bank and the company nominated Ruslan Nasir to the lender's board as a director.

After completion of buying shares, Coloasia's stake will be 3.97% in the bank.

This correspondent phoned Ruslan Nasir for his comments but found it switched off.

Besides, Mir Holdings Limited, another concern of Mir Group, holds 2.99% shares of Eastern Bank. Mir Nasir Hossain, managing director of Mir Akhter Hossain Limited, represents Mir Holdings on the lender's board.

Meanwhile, India-based company Purnima Construction, one of the corporate directors of the bank, has sold 1.60 crore shares for Tk51.52 crore in the block market through the DSE on Sunday. Sources in the country's premier bourse said Coloasia bought these shares from the Indian company.

In addition, Unique Group also owns Eastern Bank. Borak Real Estate, a concern of Unique Group, holds 4.79% shares in the private sector lender.

A senior analyst of a stockbroker said qualified people are working on the board and management of Eastern Bank. That is why the bank's profit is constantly increasing. If companies like Mir Group strengthen their position, it will be good for the future of the bank.

Meanwhile, Eastern Bank's shares were closed at Tk32.80 each on Sunday on the DSE.

According to the bank's statement, its sponsors and directors hold 30.18%, institutions 47.56%, foreigners 0.33% and the general public 21.93% shares.