DSE suspends trading of five Islamic banks under merger process
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The Dhaka Stock Exchange (DSE) has suspended share trading of five troubled Islamic banks from today (Thursday) as the Bangladesh Bank declared the banks as non-viable.
The trading suspension will continue until further notice, said the DSE in a disclosure on Thursday.
The Bangladesh Bank on Wednesday also dissolved the five-trouble bank boards and appointed administrators as part of the official start of the merger process.
The banks are First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and Exim Bank merged to be a new bank ----Sammilito Islami Bank.
Ahsan H. Mansur, governor of the central bank, at the press briefing said on Wednesday that the net asset value was between Tk 350 and Tk 420 in the negative per share for the troubled banks.
Hence, the value of the share of both sponsor-shareholders and general shareholders will be considered as zero. As a result, shareholders will not get any compensation, he said.
The news upset the investors.
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