DHAKA, 23 February 2007 — Bangladesh Privatization Commission issued yesterday a letter of intent (LoI) on the sale of remaining 26 percent shares of state-run Rupali Bank to Prince Bandar ibn Mohammad of Saudi Arabia.
Chairman of Privatization Commission M Abu Solaiman Chowdhury handed over the LoI to Saudi Prince’s senior adviser Peter Frank at a press conference at the commission’s office.
The commission also handed over an invitation letter to Bandar, who will sign the final version of the Sales and Purchase Agreement (SPA) of earlier negotiated 67.26 percent shares and hand over the check. “It’ll be a milestone event in the investment history of Bangladesh,” Peter Frank told the press conference. They would rename the bank. Bandar is taking over a total of 93.26 percent government-held shares of the bank for over $458 million while the rest of the shares remained as public issues.
Privatization Commission Chairman Solaiman Chowdhury said the 26 percent shares are being sold at the highest price of 2,670 taka each, the same at which Bandar won the open bid for 67.26 percent shares.
