Saudi investor sold all shares of Islami Bank: Tk 524cr worth of shares change hands at Ctg bourse

Staff Reporter :
Islami Bank’s stock made a record as Tk 524 crore worth of shares of the financial institution were traded at the Chittagong Stock Exchange (CSE) yesterday.

A top official of the CSE, preferring anonymity, confirmed that the shares were traded at the block market and the share has been transferred among the corporate owners of the bank.

A foreign investor is selling shares and a local corporate is taking the stake, the official added.

According to related sources, Saudi investor Arabsus Travel and Tourist Agency has sold its entire shareholding of the Islami Bank Limited at CSE on Tuesday.

However, to confirm the the top officials of the two brokerage houses associated with share trading were contacted by phone, but no one picked the phone on Tuesday.

Later, Islami Bank Managing Director Munirul Mawla was contacted but couldn’t reach through phone.

Fainally, Islami Bank’s company secretary JQM Habibullah was also contacted to inquire about the sale of foreign company’s shares, but he did not receive the call. Generally, company-related issues are looked after by company secretary.

Recently, Saudi investor Arabsas Travel & Tourist Agency has withdrawn its directorship from the board of Islami Bank Bangladesh PLC.

However, the Saudi investor did not disclose any intention to sell-off its stake.

The Arabsas owns 16.09 crore shares of Islami Bank, or 9.99 percent of the total.

The bank’s share trading brought a record for the CSE’s turnover as it crossed Tk 533 crore today and its highest ever turnover record was Tk 530 crore on June 21 of 2023, the CSE data showed.

Previously in last June, state-run non-bank financial institution Investment Corporation of Bangladesh (ICB) sold its entire shareholdings in Islami Bank.

ICB held more than 32 lakh shares-which accounted for 2.07 percent of the total shares-worth approximately Tk 109 crore.