GSP Finance Company is going to take over the shares of Tofazzol Hossain, former director of Shahjalal Islami Bank, because he failed to repay a loan taken on a lien of his shares in the bank.
To realise the default loan, GSP Finance will get hold of 22 lakh out of his total 1,33,74738 shares in the bank.
The shares will be handed over outside the Dhaka Stock Exchange (DSE) trading system, and the DSE has given approval for this. The share transferring process has to be completed in 30 working days.
Md Mizanur Rahman, deputy managing director of GSP Finance, told The Business Standard that "Tofazzol Hossain took a loan in the name of his company Ever Best Textile from GSP Finance. But he did not repay the loan, so his shares will be taken."
The price of Shahjalal Islami Bank's share was Tk22.30 at the closing of the stock market on Thursday.
Tofazzol Hossain was a director of Shahjalal Islami Bank until 2013. He was a sponsor shareholder of the bank, and also a director of Fareast Finance and Investment.
Tofazzol was also a shareholder of Islami Bank Securities Ltd.