Prime Bank sponsor Mohammed Nader Khan will sell shares worth about Tk30.5 crore through a block-market transaction, according to a disclosure filed with the Dhaka Stock Exchange (DSE).
The planned disposal represents 23.14 per cent of his holding and will reduce his stake in the private commercial bank to 2.77 per cent from 3.61 per cent.
Khan intends to offload 10.18 million shares out of his total holding of 43.98 million shares through DSE’s block market within the next 30 working days, the filing said.
Prime Bank shares closed at Tk30 each on Sunday, valuing the proposed transaction at about Tk30.54 crore.
The sponsor’s current holding is worth about Tk131.94 crore at the latest market price. Prime Bank has 1.22 billion outstanding shares.
Block-market transactions are used for large share transfers between investors outside the regular trading board to minimise price disruption and volatility.
Under securities rules, the transaction must be completed within the announced timeframe and subsequently reported to the market.
