Associated Builders Corporation Limited, a sponsor of Mutual Trust Bank Limited, has announced its intention to sell 13.8% or 15.2 lakh shares of its total 1.1 crore shares in the bank. Simultaneously, a director at both Associated Builders Corporation and the bank plans to acquire the same shares at the prevailing market price. The transaction will take place in the block market within the next 30 working days, as disclosed by the bank on the Dhaka Stock Exchange (DSE) website.
Associated Builders Corporation specializes in designing and constructing industrial projects, bridges, jetties, harbors, roads, and buildings. This move follows their previous sale of 53.17 lakh shares last year and 24.37 lakh shares earlier to the director in the block market through the DSE. In the first quarter of 2023, the bank’s profit declined by 5.93% year-on-year, amounting to Tk67.16 crore compared to Tk63.40 crore in the same quarter of 2022. Furthermore, the bank’s annual profit for 2022 was Tk236.91 crore, marking a 20% decrease from 2022. The bank has proposed a 10% stock dividend for 2022, which is subject to approval from the relevant regulatory authorities.