Global Islami Bank PLC has decided to transfer and extend the use of its unutilised IPO proceeds, according to a disclosure made on the Dhaka Stock Exchange (DSE) website.
The bank鈥檚 shareholders, at its 11th annual general meeting (AGM) held on Tuesday approved two special resolutions regarding IPO fund utilisation.
These include transferring the remaining Tk 31,98,032 under 鈥楨stimated IPO Expense鈥� to the 鈥業nvestment in SME鈥� head, subject to approval from the Bangladesh Securities and Exchange Commission (BSEC) and other regulators, if required.
Shareholders also approved a 24-month extension鈥攖ill November 9, 2026 -- for utilising the remaining IPO proceeds.
According to the bank鈥檚 statement on IPO proceeds utilisation for the quarter ended June 30 this year, a total of Tk 73,81,98,032 remains unutilised.
The bank attributed the delay in deploying funds to a lack of potential SME investors, volatility in the capital market, the Russia-Ukraine war, domestic political unrest and conflicts in the Middle East.
As per DSE data, Global Islami Bank shares are currently trading at Tk 2.80 each. Over the past year, its share price has dropped from Tk 7 to Tk 2.
The bank last declared a 5 per cent dividend in 2022 but has not announced any since, leading to its placement in the 鈥榋鈥� category on the stock market.
According to its financial statements, the bank鈥檚 earnings per share (EPS) fell by 16.56 per cent in the first six months of 2025. On a year-on-year basis, returns dropped by 59.42 per cent.
Although the Shariah-based bank posted profits in 2021 and 2022, it has been incurring losses since 2023.
In 2024 alone, its losses amounted to Tk 1,246.61 crore.
