Thermax Textile Plans Major Stake Sale In SBAC Bank
Thermax Textile Mills, a sponsor shareholder of SBAC Bank PLC, has announced plans to sell the majority of its stake in the bank. Thermax Textile is part of the Thermax Group, led by Chairman Abdul Kadir Molla, who currently holds a 4.27% stake in SBAC Bank PLC.
A senior official of the private bank confirmed that Molla, a former chairman and now a director on the SBAC Bank board, is overseeing the sale. According to a disclosure on the Dhaka Stock Exchange (DSE) website dated August 18, Thermax Textile intends to sell 3.48 crore shares, representing 99% of its total holdings, at the current market price in the block market.
SBAC Bank’s shares, which peaked at Tk 10 on August 11, have since declined, closing at Tk 8.7 yesterday, a 2.25% drop from the previous day. Over the last week, the shares have experienced a downward trend.
As of now, SBAC Bank’s sponsor shareholders hold 77.64% of the bank’s shares, with institutions holding 7.2% and general investors 15.16%. The bank was listed on the DSE in 2021.
