Aneesha Mahial Kundanmal, one of the sponsor-directors of LankaBangla Finance Ltd, announced her intention to sell 20 lakh of the company shares out of her holdings of 4.15 crore shares.
The selling would be at market value in the public market of the Dhaka Stock Exchange (DSE) within the next 30 working days, according to a stock exchange disclosure.
LankaBangla Finance, a top-tier non-bank financial institution, suffered earnings deterioration in the first half of this year, mainly due to a decrease in net income from investment in shares.
Its consolidated earnings per share (EPS) dropped to Tk0.58 in the January-June period, from Tk0.71 over the same period of 2021 when return from stock investments was comparatively better.
Annual EPS was Tk2.38 in 2021 and the company paid 10% cash dividends to its shareholders for the year.
At the end of June this year, LankaBangla's net asset value per share was Tk19.4.
On Wednesday, LankaBangla Finance shares closed 1.4% lower at Tk27.2 on the DSE.
LankaBangla Finance, a joint venture of Bangladeshi and Sri Lankan entrepreneurs and institutions, was listed in 2006. Alongside its lending and credit card business portfolio, LankaBangla's brokerage, investment banking and asset management subsidiaries are major players in the Bangladesh capital market.
Sponsors and directors hold 33.56%, institutional investors 22.91%, foreign portfolio investors 0.78% and general investors 42.75% shares of the company.