Source: The Daily Star
Bangladesh Shipping Corporation (BSC) has appointed a board member nominated by Bangladesh Export Import Company Limited (BEXIMCO).
The state-run company made Mostafa Zamanul Bahar a director at its 45th annual general meeting on December 11, according to a filing on the Dhaka Stock Exchange (DSE) yesterday.
Earlier, BEXIMCO bought 80,08,090 shares of BSC, which accounted for 5.25 per cent of the total holdings of the corporation.
After purchasing the share, BEXIMCO, in a posting on the DSE on November 14, said its board decided to participate in the board of BSC as a member.
According to the securities rules of Bangladesh, an investor, individual or firm, can sit on the board of a listed company if they hold at least 2 per cent of the outstanding shares of the latter.
BEXIMCO also declared that it bought shares from the public at market prices. This means given the market prices of the securities of the shipping company in the last three months, BEXIMCO had to spend between Tk 93 crore and Tk 135 crore to acquire the securities.
BEXIMCO shares were unchanged at Tk 115.60 while BSC shares rose 0.50 per cent to Tk 121.80 on the DSE yesterday.