Islami Bank to auction S Alam-linked company to recover loans

NN Online:

Islami Bank Bangladesh PLC has announced plans to auction the assets of Infinity CR Strips Industries Limited, a subsidiary of S Alam Group, in order to recover outstanding loans.

The Islami Bank published the auction notice for the sale of the company’s assets in a national daily on Sunday.

According to the notice, Islami Bank’s total debt to the company, including interest and principal, is Tk 2,738 crore as of March 20, 2025. To recover this money, Islami Bank will sell Infinity CR Strips Industries’ mortgaged 201.75 acres of land, including buildings and installations. The lands are located in Chattogram.

The notice asks interested buyers to bid (offer prices) by April 27.

Currently, S Alam Group holds about 83 per cent of Islami Bank’s shares, which are seized on the orders of Bangladesh Bank. After the fall of the Awami League government, the board of Islami Bank was also dissolved. This ended the authority of S Alam Group over the bank.

Earlier, Janata Bank issued an auction notice to collect the loan by selling the mortgaged assets of various subsidiaries of S Alam Group.