Sponsor to transfer 15.2 lakh Mutual Trust Bank shares

Associated Builders Corporation Limited — a sponsor of the Mutual Trust Bank Limited – has declared to sell 13.8% or 15.2 lakh of its total 1.1 crore shares at the bank. 

On the other hand, Rashed Ahmed Chowdhury, a director at Associated Builders Corporation as well as at the bank, is going to buy the same shares at the prevailing market price. 

According to the bank's disclosure on the Dhaka Stock Exchange (DSE) website on Wednesday, the transaction will take place in the block market within the next 30 working days. 

Associated Builders Corporation designs and constructs industrial projects, bridges, jetties, harbour, roads, and buildings.

In September last year, the corporation sold 53.17 lakh and before that, it had sold 24.37 lakh Mutual Trust Bank shares to Rashed Ahmed Chowdhury in the block market through DSE.

Mutual Trust Bank got listed on the capital market in 2003. 

In the first quarter of 2023, the bank's profit fell by 5.93% year-on-year to Tk67.16 crore, which was Tk63.40 crore in the same quarter of 2022. 

In 2022, its annual profit stood at Tk236.91 crore, 20% lower than that in 2021. 

The bank has proposed a 10% stock dividend for 2022, which is subject to approval of respective regulatory authorities.