B Mirror Report
United Commercial Bank PLC (UCB), has decided to issue rights shares and sell shares to strategic investors. The aim is to increase the paid-up capital of the bank. .
The decision was taken at a meeting of the bank’s board of directors held on Thursday (May 29). The same meeting reviewed and approved the audited and un-audited financial reports of the last financial year and the first quarter. This information was revealed by DSE sources.
According to sources, the board of directors of UCB has decided to issue rights shares at a ratio of 2:1. That is, 1 right share will be issued against 2 existing shares. These shares will be issued at a face value of 10 taka.
In the same meeting, the board has taken a policy decision to sell 50 percent of the current paid-up capital of the bank to a suitable strategic investor. The price of those shares will be determined through negotiations with potential institutions. The bank will disclose it once the matters are finalized.
