Sponsor of Runner Automobiles to sell 0.12m shares
FE REPORT | Wednesday, 13 March 2024
One of the founders of Runner Automobile has decided to sell 4.76 per cent of his holdings, bringing his stake down to 2.11 per cent in the company.
Mohammad Ali Deen, who has 2.52 million shares of Runner Automobiles, disclosed his intention to sell 0.12 million shares.
At present, he has an approximately 2.22 per cent ownership of the company.
Company secretary Md. Mizanur Rahman told the FE that Mr. Deen would sell the amount of shares that he had received as bonus.
"Even after selling the shares, he will have more than 2 percent stake [required by the regulatory rules]."
According to the law, one must have at least 2 per cent share in a company to be a director.
It could not be known immediately as to why the sponsor of the company is going to sell shares.
Runner Automobiles has shown a huge loss -- Tk 879.90 million -- in FY23 for the first time after its listing in FY19.
For the first six months of FY24, it endured a loss of Tk 273.7 million.
Meanwhile, the stock of Runner Automobiles dropped 3 per cent on Tuesday to Tk 35.70 per share.