LankaBangla Securities to turn into PLC
Thursday, 1 October 2009
FE Report
The country's leading brokerage house LankaBangla Securities Limited (LBSL) will be turned into a public limited company (PLC) in order to make its presence stronger in the stock market.
It is the first brokerage entity of Bangladesh to be a PLC.
It is a subsidiary company of LankaBangla Finance Limited (LBFL), which is a leading joint venture non-banking financial institution between local and Sri Lankan entrepreneurs.
Board of directors of the LBSL in its meeting Tuesday decided to convert it into a PLC.
"It will make our business growth faster and stronger," said Mohammed Nasir Uddin Chowdhury, chief executive officer of the LBSL.
In recent years, it bagged the first position in the Dhaka Stock Exchange (DSE) as well as Chittagong Stock Exchange in terms of turnover. The LBSL began its operation in 2004.
Last year, the LBFL and its subsidiaries made profit Tk 377.64 million after tax while net profit of the LBFL alone was Tk 166.30 million, according to the company's website.
Listed in 2006, the LBFL having a 99.99 per cent stake in LBSL is a joint venture financial institution established with multinational collaboration. Since 1997, it is in operation in Bangladesh.
In LBFL, share of the foreign sponsors held 29.50 per cent , Sampath Bank Limited, Sri Lanka 18.07 per cent, First Gulf Asia Holdings Limited, Saudi Arab 11.43 per cent, Local Sponsors 36.08 per cent, One Bank Limited, Bangladesh 10.01 per cent, SSC Holdings Limited, Bangladesh 2.29 per cent, Shanta Apparels Limited, Bangladesh 2.26 per cent, Individuals, Bangladesh 21.52 per cent and General Shareholders 34.42 per cent.
The country's leading brokerage house LankaBangla Securities Limited (LBSL) will be turned into a public limited company (PLC) in order to make its presence stronger in the stock market.
It is the first brokerage entity of Bangladesh to be a PLC.
It is a subsidiary company of LankaBangla Finance Limited (LBFL), which is a leading joint venture non-banking financial institution between local and Sri Lankan entrepreneurs.
Board of directors of the LBSL in its meeting Tuesday decided to convert it into a PLC.
"It will make our business growth faster and stronger," said Mohammed Nasir Uddin Chowdhury, chief executive officer of the LBSL.
In recent years, it bagged the first position in the Dhaka Stock Exchange (DSE) as well as Chittagong Stock Exchange in terms of turnover. The LBSL began its operation in 2004.
Last year, the LBFL and its subsidiaries made profit Tk 377.64 million after tax while net profit of the LBFL alone was Tk 166.30 million, according to the company's website.
Listed in 2006, the LBFL having a 99.99 per cent stake in LBSL is a joint venture financial institution established with multinational collaboration. Since 1997, it is in operation in Bangladesh.
In LBFL, share of the foreign sponsors held 29.50 per cent , Sampath Bank Limited, Sri Lanka 18.07 per cent, First Gulf Asia Holdings Limited, Saudi Arab 11.43 per cent, Local Sponsors 36.08 per cent, One Bank Limited, Bangladesh 10.01 per cent, SSC Holdings Limited, Bangladesh 2.29 per cent, Shanta Apparels Limited, Bangladesh 2.26 per cent, Individuals, Bangladesh 21.52 per cent and General Shareholders 34.42 per cent.