Delay in handing over ownership pushes Rupali shares down
Thursday, 7 June 2007
Refayet Ullah Mirdha
Rupali Bank share price fell by more than 6.0 per cent over the past two sessions on the Dhaka Stock Exchange (DSE) amid selling pressure by the investors, who have been depressed by unusual delay in the handing over of the bank's ownership to the Saudi prince.
On Wednesday, the Rupali Bank declined by 4.03 per cent close at Tk 1704.50 per share. Its price rose to its highest at more than Tk 2,400 late last month on the news that the bank's majority share will be handed over to the foreign buyer by May last.
The price of the bank share has started rising since September last when the then government approved the sale of the bank to Saudi prince Bandar Bin Mohammad Bin Abdulrahman Al Saud, the highest bidder.
According to a decision it was scheduled to handover the ownership of the bank to the prince by the month of May.
As it was not possible to handover the bank in May, the investors became worry about the future of the bank share.
A lot of investors, who bought the issues of the Rupali Bank, are now in a dilemma. "What can I do now? I have a lot of shares of the Rupali Bank., which is now falling," said a stock investor.