Excel Dyeing and Printing, which only last week bought over 3.20 crore shares of Islami Bank worth nearly Tk 105 crore, yesterday announced its intent to sell 96.60 lakh shares out of its total holding of over 6.43 crore shares of the bank.

The shares will be sold at the going market rate through the stock exchange within the next 30 working days, Excel Dyeing said in a posting on the Dhaka Stock Exchange website.

The latest disclosure adds another layer of intrigue surrounding the little-known Chittagong-based company, which emerged out of the blue last year to become one of the corporate directors of the bank by purchasing 3.23 crore shares.

Its six sister companies -- Armada Spinning Mills, ABC Venture, Blue International, Grand Business, Paradise International and Platinum Endeavors -- also purchased shares in bulk last year to secure seats on the Islami Bank board. The seven companies collectively hold over 16 percent shares of the bank.

There is nary an information to be found on Excel Dyeing: what its annual turnover is, what its paid-up capital is, who are its clients. This prompted many to call the company a ruse for the much-talked about S Alam Group of Chittagong.

Arastoo Khan, Islami Bank's chairman, represents another little-known company Armada Spinning Mills in the board.

Islami Bank, which is the largest private bank in the country, was set up in 1983 with nearly 70 percent of its sponsorship coming from the Middle Eastern countries.

The bank has about Tk 70,000 crore deposits and over one crore account holders. It also channels over one-fourth of the inflow of Bangladesh's remittances.

Islamic Development Bank, a sponsor shareholder of Islami Bank, sold off 8.69 crore shares out of its total holding of 12.07 crore.