Islami Bank is planning to sell the shares of Islami Bank Plc which have been seized by Bangladesh Bank. The bank wants to collect 10 thousand crore rupees by selling these shares. Most of these shares were owned by the controversial S Alam Group.
Islami Bank Chairman Obaid Ullah Al Masud gave this information in a press conference organized by Bangladesh Bank on Monday (November 18). He said that these shares will be sold as part of the money laundering strategy.
Obaid Ullah Al Masud said that there is a gap of Tk 20 thousand crores between investment and deposits of Islami Bank. This shortfall will be reduced by sale of S Alam Group shares and issuance of new shares.
The face value (nominal value) of shares owned by S Alam Group is Tk 1,600 crore. As each share is priced at Tk 60 on the Dhaka Stock Exchange (DSE), the current total market value of AOBS shares is around Tk 10 thousand crores.
Obaid Ullah Al Masud said that the remaining 10 thousand crore rupees will be collected by issuing new shares.
He also said that the bank will approach old foreign shareholders like IFC and Saudi Arabian investor Al Rajhi Group. They will be invited to invest again by the month of January.
In a press conference, Bangladesh Bank Governor Ahsan H Mansoor said that the credibility of Islami Bank will increase if the previous foreign investors return.
