Saif Powertec said yesterday that it is in discussions with United Commercial Bank (UCB) to resolve a loan-related issue, following a recent notice by the bank regarding the planned auction of Saif's assets.

 "We are going to settle the matter with UCB, Mohakhali Branch, Dhaka, for which our management is in discussions with the bank authorities to resolve it as early as possible," the company said in a disclosure to the Dhaka Stock Exchange (DSE).

 Shares of Saif Powertec declined 0.86 percent to Tk 11.5 in mid-day trading at the DSE.

 The company expressed hope that the matter would not have any adverse effect on its operations.

 Earlier, UCB announced that it would auction the assets of Saif Powertec to recover a loan worth Tk 517.74 crore.  The private bank published the notice on its website on 20 March, inviting interested parties to submit bids by 24 April.

 Saif Powertec, a leading container handler at Chittagong Port, has been operating for 27 years.