ICB acquires ADB stake in United Leasing
Star Business Report
The Investment Corporation of Bangladesh (ICB) bought 1,40,000 ordinary shares of the United Leasing Company (ULC) held by the Asian Development Bank (ADB).The purchase helps the state-owned ICB to acquire 20 percent stake in company. ICB will assume ADB seat on the board of ULC soon. The ADB has already made announcement to the effect to Dhaka Stock Exchange after getting approval from the Securities and Exchange Commission on transaction outside the stock exchange. The trade has been conducted outside the stock exchange to avoid any market repercussion due to the huge volume of transaction, according to a press statement. Asset & Investment Management Services of Bangladesh Ltd (AIMS), an asset management company, acted as advisor and authorised attorney to ADB in arranging the deal, first of such divestment and acquisition deal in the country. Managing Director of AIMS Bangladesh Yawer Sayeed handed over the transfer documents to Managing Director of ICB Ziaul Haque Khondker at a function recently.
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