Crown Cement directors to transfer Tk 51cr shares to family members

Two sponsor directors of Crown Cement have announced plans to gift a total of 1.04 crore shares, worth Tk 50.98 crore based on yesterday's closing price on the Dhaka Stock Exchange (DSE), to their family members.

Md Alamgir Kabir, a sponsor director of the company, expressed his intention to transfer 59.7 lakh shares to his spouse and children, according to a disclosure posted on the DSE website yesterday.

As per the disclosure, he will gift 29.7 lakh shares to his son Solaiman Kabir, 15 lakh to his spouse Kamrun Nahar, and 5 lakh each to his daughter Raisa Kabir, son Raihanul Kabir, and daughter Nusaibah Kabir. All five recipients are general shareholders of the company.

In a separate disclosure, another sponsor director, Mohammed Jahangir Alam, said he would evenly split 30 lakh shares and transfer them to his spouse and daughter, who are also general shareholders.

The transfers will take place outside the trading system of the exchange by April 30, 2025.

Crown Cement's paid-up capital stands at Tk 148 crore.

Its sponsor directors collectively hold 65.33 percent of shares, while the remaining are held by institutional and general investors.

Shares of the cement maker rose 2.3 percent to close at Tk 48.70 on the DSE yesterday.