Fakir Knitwears to buy 1.49cr shares of Shahjalal Islami Bank
Earlier, at the end of 2018 financial year, the company bought 25.50 lakh shares of the bank
Fakir Knitwears Limited, a leading apparel manufacturer and exporter in the country, wants to buy 1.49 crore shares of Shahjalal Islami Bank for Tk28.78 crore.
The company has expressed its intention to buy the shares in the prevailing market price within the next 30 working days at the Dhaka Stock Exchange (DSE).
The closing price of the bank shares was Tk19.20 on Tuesday at the DSE, while the shares hit their highest Tk26.50 each within one year.
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Fakir Akhtaruzzaman, managing director of Fakir Knitwears, is a director of the bank and holds 2 percent or 1.69 crore of its shares.
Earlier, at the end of 2018 financial year, the company bought 25.50 lakh shares of the bank.
But both the bank and Fakir Knitwears have denied to make any comments on it.
Narayanganj-based Fakir Knitwears has received national export trophy several times for its extraordinary contribution to the country's export sector.
Meanwhile, Shahjalal Islami Bank has recommended 5 percent stock and 5 percent cash dividends to its shareholders for the 2019 financial year.
However, the final approval of dividends will come during an annual general meeting scheduled for August 12 in Dhaka. The record date is July 2, 2020.
The bank has reported consolidated earnings per share (EPS) of Tk1.78 in the 2019 financial year. EPS of the bank rose 34 percent from the previous year.
The net asset value (NAV) per share amounted to Tk17.70 for the year ended on December 31, 2019.
The bank's paid-up capital is currently Tk933.42 crore. In the meantime, the bank has decided to raise its authorised capital to Tk1,500 crore from Tk1,000 crore currently.
An extra general meeting of the shareholders slated for August 12 is expected to bring required changes to the Memorandum of Articles, allowing the bank to raise the volume of its authorised capital.
Sponsors and directors jointly owned 43.22 percent shares of the bank, institutional investors 17.52 percent, foreign investors 0.26 percent and general investors 39 percent till February this year.
