JaPa co-chair Ruhul Amin allowed to sell all 33 lakh SBAC Bank shares
He is also participating in the national elections from Patuakhali-1 as a nominated candidate of the JaPa.
The securities regulator has allowed ABM Ruhul Amin Howlader—co-chairman of the Jatiyo Party (JaPa)—to sell his entire holding of 33.33 lakh or 0.48% shares at the South Bangla Agricultural and Commerce (SBAC) Bank.
He is also participating in the national elections from Patuakhali-1 as a nominated candidate of the JaPa.
At market price, the value of the said stake that is to be sold through the block market, is nearly Tk3.5 crore at the Dhaka Stock Exchange (DSE). On 4 January, each SBAC Bank share closed at Tk10.5 on the Dhaka bourse.
The lock-in period for Ruhul Amin's shares at SBAC Bank was three years, which is scheduled to expire on 10 August this year.
Keep updated, follow The Business Standard's Google news channel
But the Bangladesh Securities and Exchange Commission (BSEC), based on Ruhul Amin's reapplication to sell the shares, provided a no-objection certificate (NOC) for the stake sale to the bank's shareholders other than sponsor-directors before the lock-in period expiry.
After the stake transfer completion, the shares will stay locked in for the rest of the lock-in period in the new beneficiary owners' (BO) account. No margin loan will be allowed on these shares until lock-in period expiry.
The shares will not be allowed for lien, mortgage and pledge to any financial institution against loan until expiry of lock-in period.
When The Business Standard tried to reach Ruhul Amin for a comment, the call was answered by someone else who informed that the JaPa co-chair was occupied with election campaigns in Patuakhali and therefore unavailable to take the call.
South Bangla Agricultural and Commerce Bank got listed on the stock market in 2021. The bank raised Tk100 crore from the stock market. In 2022, the bank made a profit of Tk58.96cr, and paid a 3.5% cash dividend to its shareholders.
