DSE approves transfer of Bank Asia's two sponsors' shares to Union Capital
Transfer allowed as the two sponsors defaulted
The Dhaka Stock Exchange (DSE) has approved the transfer of 63 lakh shares of Bank Asia, held by two of its sponsors, Nahid Akhter Sinha and Mir Shahjahan, to Union Capital.
Of the total, 46 lakh shares were owned by Sinha and 17 lakh by Shahjahan. The market value of the shares stands at Tk12.09 crore, based on Thursday's closing price of Tk19.20 per share.
According to Bank Asia's shareholding data as of April, Sinha held 5.19 crore shares, representing 4.46% of the bank's total, while Shahjahan held 2.40 crore shares, equivalent to 2.06%.
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A disclosure issued on Thursday (15 May) in the name of Bank Asia stated that the DSE had approved the share transfer outside of a gift transaction, under Listing Regulation 47(1)(d) and other applicable laws.
Under this regulation, share transfers are allowed in cases of confiscation or loan default.
According to the disclosure, the shares of Sinha and Shahjahan are to be transferred within 30 working days, effective from 15 May. However, the exact amount of the defaulted loan has not been confirmed.
When asked, Union Capital's Company Secretary, Md Abdul Hannan, declined to comment.
A DSE official said that, as the loans of both sponsors had defaulted, Union Capital applied to the DSE for the transfer of the mortgaged shares. The DSE approved the transfer following the application.
