The government has started offloading its stake in International Finance and Investment Corporation (IFIC) Bank as part of its earlier move to offload its stakes in different companies, including the bank. A total of 1,686 shares of the bank were sold on the Dhaka Stock Exchange (DSE) yesterday, DSE sources said.

On Tuesday, the government announced that it will offload 119,857 shares in the IFIC Bank on the stock market.

According to the DSE website, the finance secretary, one of the corporate sponsors/directors of the bank, has reported the government’s intention to sell 119,857 shares out of its total 1,403,479 shares of the bank.

The government, which owns 35 percent share in the International Finance and Investment Corporation (IFIC) Bank, appointed the state-run Investment Corporation of Bangladesh as issue manager.

Earlier on November 28, the government at a meeting asked the authorities concerned to offload 119,857 shares in the bank within three weeks. At the meeting, the government also asked nine state-owned energy and power companies to offload their shares. Two other power companies — Power Grid Company of Bangladesh and Dhaka Electric Supply Company — that are already listed on the stock exchanges were also asked to offload more shares.

UNIFORM FORMAT FOR BO A/C

Meanwhile, the Securities and Exchange Commission (SEC) has set ‘uniform format’ for bank certificate that will have to be submitted at the time of opening of a beneficiary owners’ (BO) account and also requested the central bank to circulate the format to all banks.

The format of the certificate includes name of a prospective BO account holder, his or her spouse’s name, his/her father’s and mother’s name, bank account number, and name of the bank and branch.

The certificate will have to be signed by the bank official concerned.

“We have sent the certificate format to the Bangladesh Bank on Monday and requested the central bank to provide the format to all banks so that the banks can issue certificates for the people intending to open BO accounts in a unified manner,” said Farhad Ahmed, the SEC’s executive director.

Earlier in October, the capital market regulator tightened the BO account opening procedures in order to check the opening of shady BO accounts and to ensure more transparency in such account opening.

Along with submitting a bank certificate, a person willing to open a BO account will also have to submit photographs with his/her name and signature on the opposite side of the photographs to the depository participant (DP).

There have been allegations that a huge number of BO accounts have been opened with wrong information.

Meanwhile, the stock prices on the DSE rose yesterday for a fourth day before going to a six-day vacation on the occasion of Eid-ul-Azha and X-mass day. The DSE will remain closed from today and resume its function on December 26.

The DSE General Index increased by 34.3 points, or 1.147 percent, to close at 3024.8 points, while the DSE All Share Price Index rose by 25.8 points, or 1.02 percent, to finish at 2545.98 points.

A total of 4,930,673 shares and bonds worth Tk 1.4363 billion changed hands on the premier bourse. Of the issues traded, 166 advanced and 41 declined with 19 unchanged.