Home ›› 09 Sep 2021 ›› Stock
The South Bangla Agriculture & Commerce (SBAC) Bank will form two subsidiary bodies – an asset management company and a merchant banking platform.
The newly listed bank came up with the disclosure through news filings with the Dhaka Stock Exchange (DSE) on Wednesday.
It said that the decision was taken by the bank’s board of directors recently.
The asset management company will be named as SBAC Bank Asset Management Company Ltd.
Subject to approval of the capital market regulator, the company will have a paid up capital of Tk 40 crore and an authorised capital of Tk 50 crore.
On the other hand, the merchant banking company will be named as SBAC Bank Capital Management Ltd.
It will also have a paid up capital of Tk 40 crore and an authorised capital of Tk 50 crore, subject to approval of the regulator.
On Tuesday, the fourth generation bank recommended an 8 per cent dividend –4 per cent stock and 4 per cent cash – for its shareholders for the year ended on December 31, 2020.
It reported earnings per share (EPS) of Tk 1.39 for the year ended on December 31, 2020, against Tk 1.41 of the previous year.
It also reported consolidated net asset value ((NAV) per share of Tk 13.59 and net operating cash flow per share (NOCFPS) of negative Tk 0.42 for the year 2020.
Each share of the bank, which was listed on the Dhaka bourse on August 11, closed at Tk 21.8 on Wednesday.
As a new comer to the capital market, the bank carries out share trading under N-category.
The initial public offering (IPO) subscription of the SBAC Bank hit 14 times high.
Investors applied for the bank’s IPO from July 5 to July 12.
