Summit Alliance Port director to gift over 28 lakh shares to daughter
Off-market transfers by way of gift are permitted under prevailing securities rules
Syed Ali Jowher Rizvi, a director of Summit Alliance Port Ltd (SAPL), has announced his intention to transfer 2,813,616 shares to his daughter, Fatema Hossain Rizvi, who is a general shareholder of the company.
According to a disclosure published on Tuesday (25 November) , the transfer will be executed as a gift, outside the trading system of the stock exchange, and is expected to be completed within the next 30 working days.
The transfer is being carried out following all regulatory requirements, and necessary procedures have already been initiated. Such off-market transfers by way of gift are permitted under prevailing securities rules, provided the parties follow proper documentation and obtain necessary approvals.
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With this transfer, Fatema Hossain Rizvi's stake in the company will rise significantly, while the director's personal holdings will decline by the same amount.
Over the past three months, SAPL's share price has doubled. On Wednesday, the stock closed at Tk46.50 on the Dhaka Stock Exchange.
Recently, SAPL has declared an 18% cash dividend for shareholders for the fiscal year 2024-25, compared to a 15% cash dividend in the previous year.
The annual general meeting (AGM) to approve the dividend, financial statements, and other agenda items will take place on 23 December, with 27 November set as the record date.
The company's consolidated earnings per share (EPS) stood at Tk2.85, up from Tk1.75 in the same period last year. On a solo basis, EPS was Tk1.83, compared to Tk1.73 a year ago.
Alliance Holdings holds 23.48% of SAPL shares, while Summit Holdings owns 8.07%. Among key individuals, Alliance Holdings Founder and SAPL Managing Director Jowher Rizvi owns 5.48%, and Summit Group Chairman Aziz Khan holds 7.03%.
SAPL, a leading inland container terminal and logistics operator, reported a 313% year-on-year jump in consolidated revenue to Tk612 crore during July-March FY25, up from Tk148 crore a year earlier. The growth was largely driven by its subsidiary Container Transportation Services (CTS), which contributed 72% of total revenue with Tk440 crore in sales.
The company's consolidated profit more than doubled, rising 106% to Tk69 crore from Tk33.43 crore in the same period of FY24. Earnings per share stood at Tk2.34 for the nine months to March.
Established in 2013, CTS initially offered domestic transportation services but expanded into freight forwarding after securing a customs licence in June last year. It also partnered with Germany's Hellmann Worldwide Logistics as its local agent.
