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The state-run Investment Corporation of Bangladesh (ICB) has sold out its entire holding of Islami Bank Bangladesh Ltd. (IBBL).
The ICB reportedly had 2.7 per cent or more than 33.40 million shares in the Islami Bank. It did the sell-offs of its entire stake in May and so there is no representative of the ICB on the board of the Islami Bank now.
ICB Managing Director Md. Abul Hossain could not name the buyer of the shares that the ICB sold in May.
"The sell-buy is part of regular operations in the stock market. ICB requires money to distribute dividends for the outgoing fiscal year. That's why, we needed to realise profit," he said.
The shares of the Islami Bank traded at Tk 33.1-Tk 32.6 in May. It is assumed that the state-run corporation sold out its stake within the price range.
Meanwhile, the United Arab Emirates-based BTA Wealth Management reportedly purchased above 34 million shares of the lender in the block market in May.
However, it could not be confirmed if BTA Wealth Management purchased the stake of the ICB.
The Islami Bank, presently an 'A' category company, was listed on the stock exchange in 1985.
The company's sponsor-directors hold 55.06 per cent shares, institutes 14.59 per cent, foreigners 20.24 per cent and general investors 10.11 per cent, according to data available until December 2022.
The share-holding positions in listed companies of different types of investors including institutions are updated every month on the website of the Dhaka Stock Exchange (DSE).
But the DSE website shows data on the investors' stakes in the Islami Bank until December whereas the information of other companies has been updated until May.