Duncan sells entire stake in United Finance, United Insurance

British conglomerate Duncan Brothers and its associates have sold their stakes in United Finance and United Insurance for around Tk 180 crore.

The shares were purchased by several directors of United Group.

Duncan, a corporate shareholder of the finance and insurance companies, today disclosed separately on the Dhaka Stock Exchange (DSE) website that it would sell 2.36 crore shares of United Insurance and 6.53 crore shares of United Finance.

The Bangladesh Securities and Exchange Commission (BSEC) approved the sale and purchase of shares by the local company.

Each share of United Finance was sold at Tk 13.70 and each share of United Insurance was sold at Tk 35.30. The total value of the shares sold was around Tk 180 crore.

When contacted, Tareq Hosen Mozumder, company secretary of Duncan Brothers, declined to comment on Duncan's divestment.

Among the directors of United Group, Moinuddin Hasan Rashid, Khondaker Zayed Ahsan, Nizamuddin Hasan Rashid, Sharfuddin Akhter Rashid and Kutubuddin Akhter Rashid were the top buyers of the shares of the two companies.

United Insurance paid a 10 percent cash dividend in 2023 while United Finance paid a 6 percent cash dividend last year.

Yesterday, shares of United Finance declined 1.27 percent to Tk 15.60 on the DSE. At the same time, United Insurance shares advanced 4.57 percent to Tk 41.20.