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The board of directors of Al-Arafah Islami Bank (AIBL) Limited has decided to form a subsidiary company for its Mobile Financial Services (MFS) business jointly with Green More Limited, said an official disclosure on Monday.
The board also decided to issue Mudaraba Subordinated Bond (7 Years Redeemable) for Tk 5.0 billion to strengthen Bank’s Capital in the name and style “AIBL 3rd Mudaraba Subordinated Bond” through Private Placement.
However, the bank said formation of the subsidiary company and bond issue are subject to approval of the regulatory authorities.
Each share of the bank, which was listed on the Dhaka Stock Exchange (DSE) in 1998, closed at Tk 16.90 on Sunday.
The bank’s share traded between Tk 15.80 and Tk 23.10 in the last one year.
The bank disbursed 15 per cent cash dividend for the year ended on December 31, 2018.
The bank’s paid-up capital is Tk 10.64 billion and authorised capital is Tk 15 billion while total number of securities is 1.06 billion.
The sponsor-directors own 39.54 per cent stake in the bank, while institutional investors own 22.93 per cent, foreign investors 2.97 per cent and the general public 34.56 per cent as of December 31, 2019, the DSE data showed.