Vicar International plans to acquire over 4% of South Bangla Agricultural and Commerce Bank (SBAC), purchasing approximately 3.48 crore shares valued at around Tk 28.90 crore based on current prices. The managing partner of Vicar is a director at SBAC, where Techno Electricals holds a 4.71% stake. The acquisition follows a director’s decision to sell shares, with Vicar expressing intentions to buy through the block market, as disclosed on September 5 and 18, 2024. Vicar aims to acquire 98.21 lakh shares, and previously indicated interest in 2.50 crore shares. Following the announcements, SBAC’s share price rose by 1.22% to Tk 8.90. Recently, Thermax Textile Mills announced plans to sell its 99% stake in SBAC, which includes 3.48 crore shares. Since its inception in 2013, SBAC has faced leadership challenges due to financial scandals, leading to significant board changes. As of August 31, sponsor-directors held 68.19% of SBAC shares, while the bank reported a profit of Tk 54.63 crore for 2023 and Tk 38.16 crore for the first half of 2024.
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