That's It Fashions Ltd, one of the corporate directors of Pubali Bank, announced yesterday that it wants to buy 1.1 crore shares of the bank within next 30 working days.
That's It Fashions, a concern of Ha-Meem Group, will buy the shares from the block market through stock exchanges, according to a posting on the Dhaka Stock Exchange website.
The garment-maker will have to spend nearly Tk 30 crore to buy the shares at the present market price. A Pubali Bank share traded at Tk 26.5 yesterday.
“Basically, shares will be transferred from one concern of Ha-Meem Group to another concern of the group,” said Abdur Razzak Mondal, who represents That's It Fashions in Pubali Bank's board. As on July 31 this year, sponsors and directors held 28.89 percent share in the bank, below the mandatory 30 percent threshold set by the Bangladesh Securities and Exchange Commission in 2011.
“The new share purchase will take the sponsors and directors' holdings to above 30 percent,” said Mondal.
Pubali Bank is the country's largest private commercial lender with 455 branches.