Home ›› 02 Oct 2021 ›› Stock
Taking the advantage of the steady bull-run at the Dhaka Stock Exchange (DSE), sponsor directors of publicly trading companies went on a massive sale to book profits in the recent months.
According to the DSE data, a total of 20 sponsor directors of 14 listed firms sold 85.78 lakh shares last month.
The bullish stock market prompted them to gain quick profit, said market insiders.
Analyzing the share selling scenario, it was obtained that the insurance sector witnessed the highest share sale by sponsor directors last month.
The share prices of insurance companies have been rising since last year without any price sensitive information, what may have prompted the sponsor directors to shed shares.
Of the 51 insurance companies listed with the Dhaka bourse, prices of all insurance companies increased in the last year after the stock market regulator gave an ultimatum to ensure mandatory 2 per cent shareholding of each director.
Recent share selling bids by sponsor directors
Md Jamal Uddin, one of the sponsors of the Meghna Life Insurance, has expressed his intention to sell his entire holdings of 71,512 shares of the company at prevailing market price through the Stock Exchange within October 31.
Md Mizanur Rahman Chowdhury, one of the sponsors of the Mercantile Bank, declared to sell 10,00,000 shares out of his total holding of 73,32,200 shares of the company.
The Eastern Insurance Company’s sponsor director Major (Retd) Abdul Mannan, announced the sale of 18,75,000 shares out of his total holding of 27,39,567 shares.
Another two sponsor directors Umme Kulsum Mannan and Sunman Sweaters Ltd have expressed their intention to sell 5,70,000 shares and 3,80,000 shares of the Eastern Insurance Company respectively.
Rowshan Ara, one of the sponsors of the Sandhani Life Insurance, also expressed her intention to sell her entire holding of 1,49,810 shares of the company at prevailing market price.
Central Insurance’s sponsor Al-Haj Mohammed Shafi declared to sell 1,00,000 shares out of his total holdings of 1,52,917 shares of the company. Its sponsor Haji MA Malek also expressed his intention to sell his entire holding of 21,575 shares of the insurance company.
Khandakar Mohammed Saiful Alam, one of the independent directors of the Exim Bank, has expressed his intention to sell 3,88,739 shares out of his total holding of 8,88,739 shares of the company. Another independent director of the bank Ranjan Chowdhury also declared to sell 4,00,975 shares out of his total holding of 9,00,975 shares of the Exim Bank.
Aslam-Ul-Karim, one of the sponsors of the NCC Bank, also expressed his intention to sell 35,000 shares out of his total holding of 7,36,333 shares of the company.
Sponsor of the Islamic Finance Liaquat Hossain Moghul declared to sell 6,00,000 shares out of his total holding of 28,07,581 shares of the company.
Sponsor of the Purabi General Insurance Md Khalid Hossain has expressed his intention to sell 1,00,000 shares out of his total holding of 13,66,576 shares of the company.
Mohammed Zakaria, one of the sponsors of the Bangladesh National Insurance, declared to sell 3,14,175 shares out of his total holding of 12,00,000 shares of the insurance company at prevailing market price. Besides, Dr Serajul Hoque, an independent director of the Padma Islami Life Insurance, declared to sell his entire holdings of 1,000 shares of the company.
