Bank Asia sponsor Mostafa Steel to sell almost entire holding

Business Desk :
Mostafa Steel Galvanizing, a corporate sponsor of Bank Asia, has declared to sell 98.3% of its holding in the bank.

The bank stated in a stock exchange filing that the Mostafa Group concern will sell 5.9 lakh shares out of its holding of six lakh shares in Bank Asia at the prevailing market price in the block market through the Chittagong Stock Exchange (CSE) by the end of this month.

But the reason behind selling such a huge portion was not disclosed on the CSE website.

Seeking anonymity, Bank Asia officials said they did not know the reason either.

Bank Asia was listed on the stock exchanges in 2004.

Its shares last traded at Tk20.5 apiece on Thursday at the CSE.