Shaw Wallace to sell National Housing shares

Shaw Wallace Bangladesh Limited recently declared to sell National Housing Finance and Investment's seven lakh shares at the prevailing market price in the public market through the Dhaka Stock Exchange (DSE) within the next 30 days.

At present, National Housing's shares are being traded at Tk48 each on the country's premier bourse.

Shaw Wallace Bangladesh acquired National Housing shares in 1998 as a sponsor shareholder.

In May last year, Shaw Wallace sold 20 lakh shares of National Housing from its holding.

At present, Shaw Wallace holds 2.81% shares of National Housing. It's engaged in the business of tea, spices, shipping and logistic services.

Formed by Davis Thomas Shaw and Charles William Wallace, Shaw Wallace started business in 1886.

After the partition in 1947, British shareholdings were bought out by local businessmen and two separate companies - Shaw Wallace India and Shaw Wallace Pakistan.

After the independence, a small group of businessmen led by Reazur Rahman, founder-partner of Rahman Rahman Huq, the oldest chartered accountant firm in Bangladesh, acquired the country's assets of the company from the government in an auction process and Shaw Wallace Bangladesh came into existence.

Meanwhile, National Housing has recommended a 16% cash dividend or Tk1.6 against each share for its shareholders. The non-banking private sector lender has posted earnings per share of Tk2.23, which was 19% lower than the previous year.

The company said the annual general meeting (AGM) will be held on 2 June.

National Housing Finance and Investments was incorporated in 1998 under the Companies Act 1994.