United Commercial Bank (UCB) has initiated the auction of assets belonging to Saif Powertec, a publicly traded entity, as part of its strategy to recover Tk517.74 crore in overdue loans.

On Thursday, March 20, UCB released an auction announcement on its official website, inviting bids to be submitted by April 24.

In addition to Saif Powertec, the bank is also auctioning assets from E Engineering Ltd. and Maxon Power Ltd., which have outstanding debts of Tk197.69 crore and Tk39.81 crore, respectively.

The notice indicates that UCB is conducting these auctions in accordance with the Money Loan Court Act of 2003 to recover a cumulative total of Tk755.24 crore in unpaid loans.

The auctions are being managed from the bank’s Mohakhali branch, with pledged land properties located in Narayanganj and Chattogram being sold as part of the recovery efforts.

Saif Powertec, which manages approximately 58% of container operations at Chattogram Port, also has activities at Mongla and Pangaon ports and is engaged in the generator and battery sectors.

Although the company proposed a 1% cash dividend for its shareholders for the fiscal year 2023-24, it did not distribute it within the required timeframe.

As a result, the Dhaka Stock Exchange (DSE) has reclassified it to the ‘Z’ category.