Mir Akhter Hossain Ltd chair to sell 1.11 crore NCC Bank shares

Mir Akhter Hossain Limited Chairman Sohela Hossain has announced to sell 1.11 crore NCC Bank shares through the Dhaka Stock Exchange (DSE) within the next 30 days.

As per a disclosure filed with the DSE  today (17 June), she will sell these shares at the prevailing market price. 

Currently, Sohela, also the former vice chairman of NCC Bank, holds 3.57 crore shares in the bank.

Today, NCC Bank shares ended 1.01% lower at Tk9.80 on the Dhaka bourse.

Sohela, also sponsor of the bank, declined to comment on the share sale issue, telling The Business Standard that it was a personal matter.

However, according to a source close to her, she is aging and now wishes to hand over her responsibilities to her sons. As part of this succession plan, she may sell her shares in NCC Bank to them.

Sohela Hossain served as a director of NCC Bank until 2024 but resigned from the board earlier this year, according to a source at the bank.

She is the widow of the late Mir Zahir Hossain, the former managing director of the prominent construction firm Mir Akhter Hossain Ltd and son of its founder, the late Mir Akeb Hossain.

Sohela Hossain has three sons, all of whom are shareholders in the company.

Of her three sons, Shama-e-Zaheer holds the position of director and COO, whereas Fida-e-Zaheer and Naba-e-Zaheer are shareholders in the company.

On 6 May, Newaz International Limited, owned by NCC Bank Chairman Nurun Newaz, had announced plans to buy 2.17 crore or around 1.95% shares of the bank.

Later, on 4 June, Nurun sold 30 lakh shares of the bank following his announcement made on 20 May.

Earlier, NCC Bank recommended a 13% cash dividend to its shareholders for last year.

To approve the dividend, it will conduct the annual general meeting on 2 July. Its record date was fixed on 26 May.

During the last year, NCC Bank posted a consolidated net profit of Tk232.67 crore, which was 1.12% higher than the previous year.

Its consolidated earnings per share stood at Tk2.10, which was Tk2.07 a year ago.

In its financial statement, the bank stated that profit growth was primarily driven by an increase in interest income and higher investment returns from government securities. 

However, the overall profit did not rise to the expected level, as the bank had to maintain a substantial provision against classified loans. 

In the first quarter of this year, its net profit jumped by 67% to Tk28.22 crore compared to the previous year at the same time.