STAR BUSINESS REPORT

Associated Builders Corporations (ABC), a corporate sponsor of Mutual Trust Bank (MTB), yesterday announced that it would sell 27 per cent of its holdings at the prevailing market price in the block market.

The block market is an exchange platform where a large number of stocks are traded in a single transaction without affecting the index. The amount being traded needs to be at least Tk 5 lakh.

The corporate sponsor of the lender expressed its intention to sell 63.37 lakh shares out of the 2.34 crore it had, said a disclosure posted on the Dhaka Stock Exchange (DSE) website.

Rashed Ahmed Chowdhury, a nominated director of Associated Builders Corporation, expressed his intention to buy the shares at the price in the block market through the DSE within the next 30 working days, it added.

Stocks of MTB closed at Tk 19.20 at the DSE yesterday.