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The Financial Express

City Bank to sell land, floor space to subsidiary

FE Online Report | Published: December 18, 2017 13:40:45 | Updated: December 20, 2017 11:41:00


City Bank to sell land to subsidiary

The board of directors of City Bank Limited has decided to sell a portion of land and floor space situated at Dilkusha at Motijheel in Dhaka, said an official disclosure on Monday.

The bank will sell to its own subsidiary City Brokerage Limited and the current market value of land and floor space is more than Tk 263 million.

The commercial bank will recognise gain of more than Tk 182 million through making the transaction.

The land, measuring around 0.0275 acre and its connected floor area of total 20,632 sft from 7th floor to 10th floor, each floor measuring 5,158 sft and 4 designated car parking on the basement floor and common space measuring 970 sft all together 21,602 sft thereon of the constructed building named Al-Amin Centre situated at Dilkusha C/A, Motijheel, Dhaka.

Each share of the bank, which was listed on the Dhaka bourse in 1986, closed at Tk 53 on Sunday at Dhaka Stock Exchange (DSE).

Paid-up capital of the bank is Tk 9.21 billion and its authorised capital is Tk 15 billion while total number of its securities is 921.89 million, according to the available DSE statistics.

The sponsor-directors own 30.23 per cent stake of the City Bank while institutional investors own 18.35 per cent, foreign investors 15.41 per cent and the general public 36.01 per cent as of November 30, 2017.

The bank disbursed 24 per cent cash dividend for the year ended on December 31, 2016.

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