Associated Builders Corporations (ABC), a corporate sponsor of Mutual Trust Bank (MTB), yesterday announced that it would sell 27 per cent of its holdings at the prevailing market price in the block market.

The block market is an exchange platform where a large number of stocks are traded in a single transaction without affecting the index. The amount being traded needs to be at least Tk 5 lakh.

The corporate sponsor of the lender expressed its intention to sell 63.37 lakh shares out of the 2.34 crore it had, said a disclosure posted on the Dhaka Stock Exchange (DSE) website.

Rashed Ahmed Chowdhury, a nominated director of Associated Builders Corporation, expressed his intention to buy the shares at the price in the block market through the DSE within the next 30 working days, it added.

Stocks of MTB closed at Tk 19.20 at the DSE yesterday.

Considering the stock price, the value of the 63.37 lakh shares would be Tk 12.16 crore.

The lender declared 10 per cent stock dividend for 2021 and provided 10 per cent stock dividend in 2020, and 5 per cent cash and 5 per cent stock dividend in 2019, shows DSE data.

Its consolidated earnings per share was Tk 3.66 for 2021 whereas it was Tk 1.19 previously.

The bank's paid-up capital is Tk 812 crore and it has reserves and surpluses of Tk 779 crore, according to DSE data.

Sponsors and directors are holding 42.33 per cent of the company's shares while institutional investors, foreign investors and general investors hold 22.65 per cent, 0.16 per cent and 34.86 per cent respectively.