Azam J Chowdhury to acquire more shares at Green Delta Insurance
Azam J Chowdhury, chairman of East Coast Group, is set to increase his stake in Green Delta Insurance Company by purchasing approximately six lakh shares from M Muhibur Rahman, a sponsor of the company.
According to a disclosure published today on the Dhaka Stock Exchange (DSE) website, Azam will purchase the entire stake—5,93,675 shares—owned by Muhibur.
To acquire the shares, Azam will need to invest approximately Tk2.68 crore, as Green Delta Insurance's shares closed at Tk45.10 today at the DSE.
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According to the company, Azam is one of 19 sponsors and directors of Green Delta Insurance. However, the exact number of shares he currently owns was not disclosed in the announcement.
As of February 2025, the company's sponsors collectively held a 30.51% stake in the insurer.
Muhibur will sell his entire stake at the prevailing market price within 30 working days. The transaction between the two sponsors of Green Delta will be completed in the block market through the DSE.
Green Delta Insurance, which was listed on the DSE in 1989, made a profit of Tk60.2 crore with earnings per share at Tk6.01 in 2024, which is slightly lower from Tk60.9 crore in 2023.
For 2024, the insurer has recommended a 25% cash dividend for its shareholders.
