Home ›› 29 Apr 2022 ›› Stock
Brummer & Partners Asset Management (Bangladesh) on Thursday sold one crore shares of Runner Automobiles Limited at Tk 57 crore in the block market.
Runner Lube & Energy Limited bought those shares as per approval of the Bangladesh Securities and Exchange Commission (BSEC).
On April 26, the stock market regulator approved the deal on the condition that the companies comply with the BSEC Substantial Share Acquisition, Take Over and Control Rules, 2018 and the transaction will be executed at a negotiated price of Tk 57 per share.
The share price of Runner Automobiles closed at Tk 53.20 each on the Dhaka Bourse on Thursday.
Sources said the Brummer Frontier made an equity investment of Tk 105 crore by buying 13,478,261 shares at an issue price of Tk 77.91 each in 2013. The number of shares now stands at 28,304,347 after the company declared a bonus dividend for shareholders.
Before the sales, Brummer held a total of 24.93 per cent, or 2.8 crore shares, in Runner Automobiles, and the asset management company will sell the entire holdings gradually.
On December 2 last year, the BSEC freed Runner Automobiles Limited’s 2.83 crore shares from lock-in after Brummer expressed its interest in selling its entire holdings in the company.
The regulator reduced the lock-in period for the shares held by Brummer & Partners to two years from the usual three years to make the sales possible.
Brummer & Partners (Bangladesh) Limited, a concern of Sweden’s largest hedge fund manager, Brummer & Partners, has run a fund called Brummer Frontier PE II (Mauritius) to provide long-term growth equity capital to companies in Bangladesh.
