Stocks
Progressive Life Insurance Board to Undergo Reconstitution by BSEC
Progressive Life Insurance Company Limited, a listed company in the stock market, has decided to reconstitute its board of directors, as confirmed by the Bangladesh Securities and Exchange Commission (BSEC). The commission has also appointed five independent directors to the company’s board. This information was obtained from BSEC sources.
According to sources, former Chairman of Bangladesh Textile Mills Corporation Brigadier General Md. Zakir Hossain, former Governor of Bangladesh Bank Mohammed Farashuddin, Associate Professor Dr. Jamil Sharif of Dhaka University, Associate Professor Dr. Tajrina Farah, and Chairman of HTC Limited M. Shoeb Chowdhury have been appointed as independent directors of the company. These appointments were made to serve on the board of directors of the company.
The investigation committee of BSEC has discovered several irregularities in the financial report of Progressive Life Insurance during their examination. The organization has not presented a true financial position in its audited financial statements (PSI) and has created confusion. Furthermore, the company has also engaged in irregularities in asset acquisition, as found in the BSEC investigation. As a result, the regulatory body believes that the management of the company is violating relevant securities laws.
Since 2020, Progressive Life Insurance has not declared any dividends for its investors. In addition, the company has failed to hold its annual general meeting (AGM) for the past two years. Consequently, the commission has decided to transfer the company from ‘Category A’ to ‘Category Z.’ The reconstitution of the Progressive Life Insurance board of directors will be completed within 45 days in accordance with the requirements of Category Z, as stated by the BSEC.
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Dhaka Stock Exchange DSE, Bourse on the fourth working day of the week, October 4, ended with price Index mixed& turnover drop. This information is known from DSE sources.
450 crores 98 lakh shares were traded on this day. 46 crore 18 lakh less trading was done in DSE today compared to the previous workday, 3 October, Shares worth Tk 497 crores 17 lakh shares were traded last time, Tuesday.
The benchmark DSEX added 0.34 points or 6,262 The Shariah-based index DSES dropped 0.73 points or 1,356, and the blue-chip index DS30 increased by 0.82 points or 2,135.
Of the issues traded, 64 advanced, 75 declined and 164 remained unchanged.
Reliance Insurance Limited ranked top gainer on DSE, the share price increased by Tk 5.40 paisa or 7.74 percent. On this day, the share was last traded at Tk 75.20 paisa
Apex Foods Ltd ranked top loser on the DSE, the share price dropped by Tk 29.80 paisa or 7.23 percent. On this day, the share was last traded at Tk 382.20 paisa.
DSE topped on trade is Sea pearl Beach resort & Spa Ltd 28 crore 47 lakh takas of shares of the company have been traded.
A total of 130 companies’ shares were traded in the Block on Dhaka Stock Exchange, 2 crore 47 thousand 72 lakh 600 shares of the companies were traded. The financial value of which is 78 crore 72 lakh taka.
One of the Listed Companies, Apex Foods Limited has recommended 20% cash Dividend for the year ended June 30, 2023.
In terms of financial performance, the company has reported an Earnings Per Share (EPS) of Tk. 8.91 for the year ending June 30, 2023. The Net Asset Value (NAV) per share stands at Tk. 136.20.
The Annual General Meeting (AGM) of the company will be held on November 30 through the digital platform. The record date for this has been fixed at October 26.
One of the Listed Companies, Apex Spinning & Knitting Mills Limited has recommended 20% cash Dividend for the year ended June 30, 2023.
In terms of financial performance, the company has reported an Earnings Per Share (EPS) of Tk. 3.51 for the year ending June 30, 2023. The Net Asset Value (NAV) per share stands at Tk. 64.37.
The Annual General Meeting (AGM) of the company will be held on November 30 through the digital platform. The record date for this has been fixed at October 26.
