RICBL, BNB shares for sale to replenish Sungchob and Kidu Fund

Puran Gurung/ Thimphu To replenish the Sungchob Fund and Kidu Fund- a total of 15,640,000 shares and 17,620,000 shares were offered for sale through the Royal Securities Exchange of Bhutan. The 15,640,000 shares of Royal Insurance Corporation of Bhutan Limited was put for sale at a floor price of ngultrum 70 and another 17,620,000 shares of Bhutan National Bank Limited was for sale at a floor price of ngultrum 33. According to an official at Royal Securities Exchange of Bhutan, there was a total of 2,649 investors, a total of 1639 investors for BNBL shares and a total of 1,010 investors for RICBL shares, between June 15 and yesterday. In the wake of the pandemic and distress spun by the pandemic, earlier this year in April, His Majesty The King commanded the continuation of Druk Gyalpo’s Relief Kidu (DGRK) for another 15 months. For continuing income and interest payment support under the Druk Gyalpo’s Relief Kidu (DGRK), the proceeds from the sale of shares shall be used for replenishing the reserve for National Resilience Fund (NRF) Druk Gyalpo’s Relief Kidu (DGRK). The minimum market lot shall be 10 shares with tick size of ngultrum 0.5, tick size means, the minimum price change between different bid and offer prices of an asset traded on an exchange platform. The allocation of the offer shall be based on equal allocation method with time priority, and no allocation shall be made below the Final Price. In case of oversubscription, the Office of the Druk Gyalpo’s Relief Kidu (DGRK) shall make the decision based on the availability of outstanding shares held in the name of Sungchob and Kidu Fund. Meanwhile, Bhutanese Citizens, Firms, Trust Funds, Corporate Bodies, Associations are eligible to subscribe to the shares. The submission of the bids/orders will be opened from June 15, 2021 till July 15, 2021 for a period of 30 days.