Thermax Textile Mills, one of the sponsor shareholders of SBAC Bank PLC, is going to sell most of the stakes it has in the bank.

Thermax Textile is a concern of Thermax Group, whose chairman, Abdul Kadir Molla, holds a 4.27 percent stake in SBAC Bank PLC, said a top official of the private bank.

Molla was earlier the chairman of the private bank and currently is a director of the SBAC Bank board.

In a disclosure posted on the Dhaka Stock Exchange (DSE) website on August 18, SBAC Bank said Thermax Textile seeks to sell 3.48 crore shares, or 99 percent of its total holding, at the prevailing market price in the block market.

Shares of SBAC Bank, which shot up to Tk 10 on August 11, the highest in the preceding 30 days, declined to Tk 9.1 at the end of last week.

In the last two days, the SBAC shares have dropped further. Shares of the private lender closed at Tk 8.7 yesterday, down 2.25 percent from that on the previous day.

Sponsors hold 77.64 percent of the stakes in SBAC Bank, which became listed with the DSE in 2021, while institutes hold 7.2 percent and general investors 15.16 percent.