United Commercial Bank (UCB) has announced the auction of assets belonging to Saif Powertec, a publicly listed company, in an effort to recover Tk517.74 crore in outstanding loans.
On Thursday (20 March), UCB published an auction notice on its official website, calling for bid submissions by 24 April.
In addition to Saif Powertec, the bank is also auctioning assets of E Engineering Ltd. and Maxon Power Ltd., which owe Tk197.69 crore and Tk39.81 crore, respectively.
According to the notice, UCB is auctioning these assets under the Money Loan Court Act of 2003 to recover a total of Tk755.24 crore in unpaid loans.
The auctions have been issued from the bank’s Mohakhali branch, and the pledged land properties in Narayanganj and Chattogram will be sold as part of the recovery process.
Saif Powertec, which handles around 58% of container operations at Chattogram Port, also operates at Mongla and Pangaon ports and is involved in the generator and battery business.
Despite recommending a 1% cash dividend for shareholders in the 2023-24 fiscal year, the company failed to disburse it within the stipulated time.
Consequently, the Dhaka Stock Exchange (DSE) downgraded it to the 'Z' category.
