The highest bidder for the Rupali Bank, Saudi Arabian prince Bandar, is expected to take over more than 93 per cent shares of the bank on completion of the required procedures within this month. The team representing Prince Bandar Bin Mohammad Abdur Rahman Al Saud will sign the final version of sales and purchase agreement with the commission and pay $330 million any time this month for taking over 67.26 per cent shares. As the economic affairs committee endorsed the offloading of remaining Rupali shares, there is no obstacle in handing over the shares which were disposed of through international tender last year.

The draft sales and purchase agreement was signed in October 2006 paving the way for resolution to a number of disputes through discussion between the two sides. The commission, however, missed a February 12 deadline to complete the process for the deal. The commission chairman said the government had no disagreement with the Arabian prince after the decision to offload the remaining 26 per cent shares of the Rupali Bank.

The Investment Corporation of Bangladesh will offload the shares through the Dhaka Stock Exchange. Each share of the Rupali Bank will cost Tk 2,670 as per the price offered in the international tender, the commission officials said. The prince is expected to buy the entire chunk of the remaining shares through the share market.