The board of directors of Al-Arafah Islami Bank Ltd has decided to form a subsidiary company for its Mobile Financial Services (MFS) business jointly with Green More Ltd.
The board also decided to issue Mudaraba Subordinated Bond (7 years redeemable) for Tk 5.0 billion to strengthen bank's capital in the name and style "AIBL 3rd Mudaraba Subordinated Bond" through private placement, said an official disclosure on Monday.
The bank also informed that formation of the subsidiary company and issuance of bond are subject to approval of the regulatory authorities like Bangladesh Bank and Bangladesh Securities and Exchange Commission.
Each share of the bank, which was listed on the Dhaka Stock Exchange in 1998, closed at Tk 16.40 on Monday, losing 2.95 per cent over the previous day.
Price of the bank ranged between Tk 15.80 and Tk 23.10 in the last one year. The bank disbursed 15 per cent cash and 2.0 per cent stock dividend for the year ended on December 31, 2018.
The bank's paid-up capital is Tk 10.64 billion and authorised capital is Tk 15 billion while total number of securities is 1.06 billion.
The sponsor-directors own 39.54 per cent stake in the bank, while institutional investors own 22.93 per cent, foreign investors 2.97 per cent and the general public 34.56 per cent as of December 31, 2019, the DSE data showed.
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