South Bangla Agriculture and Commerce (SBAC) Bank, a fourth generation private commercial bank, has taken initiative to go public under the fixed price method.
As part of offloading shares, the SBAC Bank signed an agreement on Sunday with its issue manager–ICB Capital Management.
Md. Golam Faruque, MD & CEO of the bank, and Md. Sohel Rahman, CEO (additional charge) of ICB Capital Management Ltd., signed the agreement from respective companies on Sunday at head office of the Bank in the capital Dhaka.
The bank’s Chairman S.M. Amzad Hossain, Board Executive Committee Chairman Captian M Moazzem Hossain, Managing Director of ICB Kazi Sanaul Hoq, Deputy CEO of ICB Capital Management Sultan Ahmed, Bank’s Director Dr. Sayed Hafizur Rahman, Company Secretary Md. Mokaddes Ali were also present at the signing ceremony.
Md. Sohel Rahman, chief executive officer at ICB Capital Management, said the bank will go public by this year.
“After getting the audited financial statement we will start the job of preparing the company’s IPO proposal,” Rahman said.
Md. Mokaddes Ali, the company secretary of the SBAC Bank, said their company will go public with the financial statement for the year ended on December 31, 2018 if the relevant processes are completed by April this year.
“Otherwise, the bank will go public with the financial statement for the year ended on March 31, 2019,” Mr. Ali told the FE.
The paid-up capital of the SBAC Bank, which was incorporated in 2013, is Tk 5.65 billion.