Sandhani Life Growth Fund to sell 88% units

Sandhani Life Insurance, a corporate sponsor of Asian Tiger Sandhani Life Growth Fund, has decided to sell 88 per cent of its total units.

The company made the disclosure on Thursday through a corporate declaration on the Dhaka Stock Exchange (DSE) website.

According to declaration, it will sell 1,48,46,330 units out of its total holding of 1,68,46,330 units at prevailing market price within the next 30 working days.

A senior official of Sandhani Life Insurance, who sought anonymity, told The Business Post that they will sell the units for gaining profit.

However, he refused to detail the decision. Asian Tiger Sandhani Life Growth Fund’s unit price had been lower than its face value throughout the last year. The face value of each unit is Tk 10.

The country’s capital market has been on upward trend since last year, when the current commission of stock market regulator assumed office.

Sandhani Life reported highest unit price at Tk 15 in July this year.

On Thursday, the price declined by 6.25 per cent to stand at Tk 13.50.