Rangs Industries MD to offload 20 lakh shares of Bank Asia
According to a disclosure filed with the DSE yesterday (3 July), the shares will be sold in the public market within the next 30 working days
Rumee A Hossain, managing director of Rangs Industries and a sponsor-director of Bank Asia, has announced plans to sell 20 lakh shares of the bank at the prevailing market price through the Dhaka Stock Exchange (DSE).
According to a disclosure filed with the DSE yesterday (3 July), the shares will be sold in the public market within the next 30 working days.
Rumee currently holds 3.98 crore shares of Bank Asia. Based on yesterday's closing price of Tk16 per share, the planned sale is valued at approximately Tk3.20 crore. On the same day, Bank Asia shares rose by 1.27%.
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As of May's shareholding report, sponsors and directors together hold 51.43% of Bank Asia's total shares, while institutional investors hold 39.34% and the general public 9.23%.
In April, the bank declared a 10% cash and 10% stock dividends to its shareholders for 2024, where it managed to post 16% growth in the consolidated net profit to Tk286.79 crore. In 2023, it had paid a 15% cash dividend.
Its consolidated earnings per share (EPS) rose to Tk2.14 in 2024 from Tk1.79 in the previous year.
In its financial statement, the bank stated that profit growth was primarily driven by the higher investment returns from government securities.
In 2024, its classified loans jumped by 72% to Tk3,347.79 crore compared to the previous year, which is 11.39% of its total disbursement.
In the first quarter of 2025, Bank Asia posted a 113% year-on-year rise in consolidated net profit to Tk166 crore. Its EPS at the end of March climbed to Tk1.42 from Tk0.67 in the same period the previous year.
