Kamal to transfer his shares in Asia Pacific Ins Co to his daughter

FE Report | Friday, 20 September 2019

Finance Minister AHM Mustafa Kamal will transfer his entire holding of shares in Asia Pacific General Insurance Company (APGIC) to his daughter Nafisa Kamal.

Mr Kamal, one of the sponsors of the company, has expressed his intention to transfer 4,56,800 shares to Nafisa Kamal, also a director of the company, according to a disclosure posted on the website of the Dhaka Stock Exchange (DSE) on Thursday.

The shares of Mr. Kamal will be transferred to his daughter by way of 'gift' outside the exchange's trading system within 30 working days from the date of issuance of approval letter by the DSE.

The APGIC, presently an 'A' category company, was listed on the stock exchanges of the country in 2006.

The sponsor-directors own 42.84 per cent stake in the company, institutional investors 30.20 per cent and the general public 26.96 per cent as on August 31, 2019.

The share price of APGIC closed at Tk 23.10 each on the DSE on Thursday, losing 2.09 per cent over the previous day.