South Bangla Agriculture and Commerce (SBAC) Bank's corporate sponsor, Hazi Shakhawat Anwara Eye Hospital Limited, has declared to sell its entire holding of the bank through the block market of the Dhaka Stock Exchange (DSE).
According to a DSE filing on Wednesday, the hospital holds 3.48 crore, or 4.19%, of the bank's shares, which will be sold at the prevailing market price within the next 30 days.
SBAC shares held by the hospital are locked-in for three years, as the lender was listed on the bourse in 2021. However, on November 21, the stock market regulator approved the sale of the bank stake.
SBAC shares are currently trading on the DSE for Tk10.60 per share.
Company Secretary Mokaddess Ali of the bank told The Business Standard that he did not know the reason for selling the shares.
In 2020, the SBAC board got a nominee director from the hospital, but later it withdrew the director from the bank.
According to stock market regulator sources, another sponsor, Ratanpur Steel Re-Rolling Mills Limited, sold all of its shares in the bank in August this year to pay off the steel maker's debt and resume manufacturing.
In the listing year, Lockpur Group's owner, SM Amjad Hossain, was the bank's chairman. But he resigned from the bank over a money laundering allegation.
Abdul Kadir Mollah, founder of Thermax Group, later took over as chairman of the bank.