SBI notifies United Airways to put assets on auction

2025902The State Bank of India has published a notice to put some assets of United Airways (BD), a listed company, on auction as the company has failed to repay the bank’s loans.

In its notice, the State Bank of India said the amount of loans disbursed against United Airways has stood at above Tk 336.46 million, including interests, as of November 27, 2016.

According to auction notice, two directors and the managing director of the United Airways were ‘personal’ guarantors of the loans.

“Tenders have been invited to realise the dues by selling the mortgaged assets,” said the State Bank India.

According to auction notice, tenders have been invited to put one aircraft and two mini buses on auction.

Asked, Tasbirul Ahmed Chowdhury, managing director of United Airways, said they would seek the upper court’s intervention in rescheduling the loan or postponing the auction order.

Tasbirul said they have proposed the bank either to reschedule or to adjust the loans taking shares to be issued for increasing paid-up capital as per regulatory approval.

“Without accepting any of our proposals, the bank has published auction notice. The bank said there is an instruction from Bombay not to reschedule the loans,” Tasbirul said.

He said their company failed to repay installment of loans as the company is out of operation for six months.

The United Airways (BD) was listed with the stock exchanges in 2010.

Because of uncertainty in operation, the company’s share holders those who earlier purchased shares have become losers.

The company’s market price Monday plunged 5.77 per cent to close at Tk 4.90 following the auctions notification. Recently, the price also came down to Tk 4.50.

Meanwhile, the company has been downgraded to ‘Z’ category from previous ‘A’ category in accordance with the Dhaka Stock Exchange (Settlement of Transactions) Regulations, 2013 as the company was not in continuous operation for more than six months.

On June 01, 2016 the securities’ regulator accorded consent for raising the company’s paid-up capital above Tk 4.0 billion through issuance of 400 million ordinary share of Tk. 10.00 per share from Institutional Investors.

On June 16, 2016 the regulator gave consent for issuance of Coupon Bearing Secured Cumulative Fully Redeemable Bond of Tk. 2.24 billion.

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