Global Islami Bank PLC, which is publicly traded, has opted to modify the allocation of funds raised from its initial public offering (IPO). The primary aim of this adjustment is to guarantee optimal use of the unutilized funds.

This update was disclosed by sources from the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Wednesday (August 20). The bank announced that shareholders endorsed this special proposal during the 11th Annual General Meeting (AGM) held on August 19 (Tuesday). Online Stock Brokerage

In accordance with the new resolution, the remaining 31 lakh 98 thousand 32 taka from the IPO expenses will be directed towards the SME (Small and Medium Enterprise) sector, pending approval from the Bangladesh Securities and Exchange Commission (BSEC) and other regulatory bodies. Additionally, the timeframe for utilizing the IPO funds has been extended by 24 months, now set to conclude on November 9, 2026.

The bank has reported that a total of 738.198 thousand 32 taka raised from the IPO remains unutilized as of June 30, 2025. The bank explained that the delay in utilizing these funds is attributed to insufficient investor interest in the SME sector, volatility in the national capital market, the ongoing Russia-Ukraine conflict, and the war situation in the Middle East.