Two companies’ directors to sell 19 lakh shares

Sponsor-directors of the City Bank and Bangladesh National Insurance Company Limited have declared to sell 19.15 lakh shares of the companies at the prevailing market price.

As per separate official disclosures, Rajibul Huq Chowdhury, one of the directors of the City Bank, has expressed his intention to sell 12,00,000 shares out of his holding of 2,55,41,506 shares of the bank at the prevailing market price (in the public market) through the Dhaka Stock Exchange within the next 30 working days.

The City Bank’s share price stood at Tk 21.90 on Wednesday on the the Dhaka bourse. The price moved between Tk 21.70 and Tk 30.60 throughout the last year.

The bank has a market capitalization of Tk 2629 crore, a paid-up capital of Tk 1200 crore, and a surplus reserve of Tk 2042 crore. It was listed on the capital market in 1986.

Bangladesh National Insurance Company’s three directors have expressed their intention to sell 715,833 shares. Its Director, Abdul Baten, Sponsor Director Abdur Rouf, and Director Farida Akter have expressed their intention to sell 2,55,833 shares, 2,70,000 shares and 1,90,000 shares out of their holdings of 11,40,833 shares, 11,55,000 shares and 10,75,000 shares respectively.

Whereas Tasnim Binthe Mostafa, another director of the insurance company, has expressed her intention to buy 7,15,833 shares at the prevailing market price (in the block market) through the Dhaka Stock Exchange within the next 30 working days.

Its share price jumped 4.23 per cent to Tk 59.10 on Wednesday. The price moved between Tk 55.40 and Tk 171.90 throughout the last year.

Bangladesh National Insurance was founded on May 21, 1996, and went public in 2016. Currently, the company has been operating its business through 28 branches along with one local office.