First Security Islami Bank’s sponsor to sell his entire holding

Abu Hena Mostafa Kamal, who is a sponsor of the First Security Islami Bank, has expressed his intention to sell his entire holding in the bank.

According to a filing on the Dhaka Stock Exchange (DSE) on Tuesday, at present, the sponsor holds 2,425,500 shares of the bank out of the total 104.60 crore shares.

As per the disclosure, he will sell his entire holding of the bank at the prevailing market price in the block market through the Chittagong Stock Exchange (CSE) within the next 30 working days.

The shares of the bank are being traded at the floor price at Tk9.80 each. So, the entire share selling value is Tk2.38 crore at the market price.

Earlier on 8 May, Farzana Parveen, one of the directors of the bank, expressed her intention to buy 32.16 lakh shares in the block market within 30 days.

As of July 2022, she holds 4.75 crore shares of the bank, according to First Security Islami Bank’s data.

According to its audited financials for last year, First Security Islami Bank reported a 12% lower profit of Tk296.15 in 2022, compared to 2021.

The bank has recommended a 10% stock dividend to its shareholders, which is subject to the approval of the Bangladesh Securities and Exchange Commission (BSEC).

The board has approved the dividend but is yet to get approval from the general shareholders in the annual general meeting (AGM) which is scheduled to be held on 20 June this year.

In the January-March quarter of 2023, its net profit after tax declined by 32% to Tk38.71 crore.

Source: The Business Standard
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Iram Hoque

Mohd. Iramul Hoque (Iram) completed his bachelor’s degree in Industrial Engineering in 2018 from Purdue University.

He joined Deloitte Consulting LLP as a Consulting Analyst based out of New York City having previously worked in similar roles at PricewaterhouseCoopers LLP & Landis+Gyr.

Iram left consulting and returned to Bangladesh to take up the family business. Realizing the opportunity in the capital market in Bangladesh, Iram worked relentlessly to found Columbia Shares & Securities Ltd in 2021.

Md Saiful Hoque

Md. Saiful Hoque received his bachelor’s degree in Civil Engineering from Columbia University in 1986 followed by a master’s degree from Texas A&M University in 1988. Upon completion of his Graduate Degree, he joined Gulf Interstate Engineering Company in Houston, USA serving as a Project Engineer.

He returned to Bangladesh in 1992 to join Columbia Enterprise Ltd., the family business of Shipping and Freight Forwarding services. In addition, he has built flourishing businesses manufacturing Garment’s Accessories and Fast-Moving Consumer Goods.