PC may extend Rupali handover deadline

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Refayet Ullah Mirdha
The Privatisation Commission (PC) said Thursday it might extend the deadline for handing over the largely state-owned Rupali Bank to the highest bidder.
It will also examine the option for looking for alternative buyers for the bank, PC sources told the FE.
They said the government has not received any response from Saudi prince Bandar Bin Mohammad Bin Abdulrahman Al Saud, the highest bidder, on taking over the bank by the deadline that expired Thursday.
Earlier, PC chairman Abu Solaiman Chowdhury said November 30 is the final deadline for the handing over of the Rupali Bank.
"If the highest bidder Saudi prince responds by this deadline, the PC will handover the ownership to him. Otherwise, it (PC) will look for an alternative," PC chairman told it earlier.
But, by November 29, the last day of the deadline, nobody made contacts with the PC in favour of the Saudi prince, the PC sources said.
Previously, a high-level meeting of the Ministry of Finance set July 15 as the deadline for the Saudi prince to respond in writing for taking over of the ownership of the Rupali Bank's more than 93 per cent share at a cost of US$458 million.
The Saudi buyer had also failed to sign the final deal by the agreed deadline of May 31 last.
The Rupali Bank share that had gained substantially in the stock market over the anticipated deal with the Saudi prince was suspended by the DSE earlier this month for season of uncertainty about the company future.