BRACBANK Board decision of a Share Purchase - Share market analysis of dhaka stock exchange, Bangladesh

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30 April, 2018 03:51 PM Source: Dhaka Stock Exchange

The Company has informed that the Board of Directors of BRAC Bank Limited (the "Company"), the majority shareholder of bKash Limited, have approved the execution of a Share Purchase and Subscription Agreement (the "Agreement"), among the existing shareholders of the Company, viz BRAC Bank Limited, Money in Motion LLC, International Finance Corporation, Bill & Melinda Gates Foundation and Alipay Singapore E-commerce Private Limited ("Alipay"). In accordance with the terms and conditions of the Share Purchase and Subscription Agreement, Alipay shall be entitled to purchase 10% shares from Money in Motion LLC, International Finance Corporation and Bill & Melinda Gates Foundation. Alipay shall also be entitled to subscribe for a further 10% shares in the Company over a period of time as specified in the said Agreement. Alipay upon completion of the transaction as contemplated in the Share Purchase and Subscription Agreement will have 20% shares in the Company on a fully diluted basis. Pursuant to the Agreement, there will be no change to the existing shareholding of BRAC Bank Limited. The Share Purchase and Subscription Agreement and the purchase and acquisition of the shareholding in bKash Limited are subject to customary condition precedents and the necessary regulatory formalities in compliance with the laws of Bangladesh.


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