Two automobile companies of Uttara Group–Menoka Motors Ltd and Trans Asia Industries Ltd–have recently announced their plans to sell shares of the publicly listed non-banking financial institution, Uttara Finance and Investments Ltd.
The non-listed automobile companies will each sell 50,000 shares of Uttara Finance, read the Dhaka Stock Exchange (DSE) website on Monday.
The sale of shares will be completed at the prevailing market price within 30 working days.
Three Directors–Matiur Rahman, Mujibur Rahman and Durand Mehdadur Rahman–of Uttara Finance are also the directors of both Menoka Motors and Trans Asia. However, the two sister concerns do not have any representative on the board of directors of Uttara Finance.
DSE also informed that Menoka Motors holds more than 9.5 lakh Uttara Finance shares, while Trans Asia owns 3.75 lakh shares of the financial institution.
Menoka Motors assembles two-, three- and also four-wheelers, while Trans Asia manufactures Bajaj motorcycles in Bangladesh.
Uttara Finance was listed with the DSE in 1997 and has a paid-up capital of Tk125.2 crore. The closing price of the company's shares was Tk59.4 per share on Monday.
Other companies' shares buy-sell declarations
Badrunnessa (Sharmin) Islam, a nominated director from Wealthmax Asset Management Ltd, has expressed her intention to buy 1.2 lakh shares of Uttara Bank at market price within the next 30 working days, informed the DSE website on Monday.
Mamtaj Begum, a director of Federal Insurance Company, declared that she would buy two lakh shares of the listed non-life insurer through the stock exchange.
Md Nasirullah, sponsor of Pioneer Insurance has expressed his intention to sell 20,000 shares of his total holding of 2.31 lakh shares of the company.
On the other hand, Meenhar Fisheries Limited, one of the corporate sponsor directors of Reliance Insurance Ltd, has expressed its intention to sell 1.8 lakh shares of the company out of its total holding of 40 lakh shares.
The transaction will be settled in a block market where buyers and sellers bypass the public market auction and accomplish the planned transaction at a predetermined price.