Dhaka, Bangladesh (BBN) – Directors of Islamic Finance and Investment Limited and Takaful Insurance on Sunday announced to buy shares of their respective companies at prevailing market price through stock exchange within next 30 working days.
The purchase falls in line with a regulatory directive to sponsors to hold a minimum of 2.0 percent stake in one’s own firm.
Feroz Alam, one of the Directors of the Islamic Finance and Investment Limited, will buy 1,75,000 shares in addition to his current holding of 8,70,000 shares of the company, according to announcement.
Nafisa Salma, one of the Directors of the Takaful Insurance, has expressed her intention to buy 68,000 shares in addition to her current holding of 1,82,250 shares of the Company.
The Securities and Exchange Commission, through a notification issued earlier, also made it compulsory for the sponsors, directors and promoters of a listed company to jointly hold at least 30 percent stake.
The SEC also asked the sponsors, directors and promoters, who individually have less than 2.0 percent stake and jointly less than 30 percent, to acquire the necessary stocks within six months of issuance of the notification.
BBN/SSR/AD-22Jan12-12:15 pm (BST)
