One day after announcing a gift of 1.5 million shares to his son, Crown Cement’s promoter and chairman, Mohammad Jahangir Alam, has now declared that he will gift 1.5 million shares each to his wife and daughter—a total of 3 million shares. This announcement was made today (Wednesday) through the Dhaka Stock Exchange (DSE).
The transfer or sale of shares by a listed company’s sponsor is considered price-sensitive information. Therefore, this announcement was made public in accordance with regulations through the stock exchange.
According to the DSE, Jahangir Alam will gift 1.5 million shares each to his wife, Masuma Begum, and his daughter, Sadman Saika Sefa. These shares are to be transferred by April 30.
Previously, on Tuesday, Jahangir Alam announced that he would gift 1.5 million shares to his son, Salehin Mushfiq Sadaf, also to be transferred by April 30.
On the same day, Jahangir’s brother and Vice Chairman of Crown Cement, Alomgir Kabir, announced a gift of around 6 million shares to his wife and children.
According to DSE data, Alomgir Kabir will gift 1.5 million shares to his wife, Kamrun Nahar. Among his two sons, Solaiman Kabir will receive 2.97 million shares, and Raihanul Kabir will receive 500,000 shares. Additionally, his two daughters, Raisa Kabir and Nusaiba Kabir, will each receive 500,000 shares.
Company sources said that this move is part of a strategy to gradually involve their children in the family business. Of Alomgir Kabir’s four children, Solaiman Kabir is already engaged in the business but is not yet on the board of directors. He is being gifted 2.97 million shares so that he can meet the minimum shareholding requirement and be eligible to join the board.
According to the regulations of the Bangladesh Securities and Exchange Commission (BSEC), a person must hold at least 2% of the paid-up capital in order to become a director of a listed company. Alomgir Kabir is gifting shares to fulfill this requirement and gradually bring his children onto the board.
Commenting on the share gifts, Alomgir Kabir said, “It’s a family decision. We want to involve our heirs in some of our business ventures, and this will take time. As part of this process, we’re gifting shares to my wife and four children. Solaiman is already involved in the business, so he’s receiving the minimum 2% to qualify for a board position. We’re expanding into new ventures and want to assign responsibilities in our existing businesses to the next generation so we can focus more on the new ones.”
Crown Cement PLC
Crown Cement PLC, formerly known as M.I. Cement Factory Limited, is one of Bangladesh’s leading cement manufacturers. It is the flagship company of the Crown Cement Group and started its journey on December 31, 1994. Since its inception, the company has earned a reputation for producing and delivering high-quality cement.
Over the years, Crown Cement PLC has achieved significant success, not only in Bangladesh’s cement industry but also in the international market. The company continues to contribute substantially to the construction industry through its quality products and modern technology and is on a path toward further growth and success. ♦
