The sale of 1,33,476 shares through Investment Corporation of Bangladesh (ICB) would bring Tk 4.5 crore in profit for the bank now undergoing reforms.

The board of directors of the nationalised commercial bank, which decided to sell the shares, has recently sent a proposal to Finance Division for its approval.

Sources said the bank has opted for selling the shares as investment in shares is not considered as statutory liquidity reserve by the central bank.

During pre-independence period Habib Bank Ltd, which was later renamed as Agrani Bank, purchased 68,100 shares of Burma Eastern Ltd, now Padma Oil Company Ltd, at Tk 10 each with an investment of Tk 6.81 lakh.

The issuing company declared two bonus shares against five in 1984 and 1997, which increased number of shares held by Agrani Bank to 1,33,476.

Agrani Bank officials said share price of Padma Oil was Tk 191 in 2002 and it jumped to Tk 346 on Dhaka Stock Exchange on September 24, 2003. According to bank's estimation the current market price of these shares stands at Tk 4.61 crore.

The state-owned bank will go for selling the shares in lot on DSE through ICB at the highest market price. If not possible, it may opt for selling shares by unbundling lot.

Padma Oil shares were traded at around Tk 325 this week on Dhaka Stock Exchange and Tk 340 on Chittagong Stock exchange.

Padma Oil declared 30 per cent dividend in 1997, 45 per cent in 1998, 50 per cent in 1999, 50 per cent in 2000 and 50 per cent in 2001.