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 Market DSE, Bourse on the last working day of the week, 25th July, ended with a hike in Indices and Turnover from the previous working session. This information is known from DSE sources.
497 crore 34 lakh taka shares were traded on this day. 337 crore 97 lakh more tradings were done in DSE today compared to the previous workday, July 24th, Shares worth Tk 159 crores 37 lakh shares were traded last time, Wednesday.
The benchmark DSEX increased 62.81 points or 5,413 The Shariah-based index DSES added 13.81 points or 1,183 and the blue-chip index DS30 gained by 24.25 points or 1,932.
Of the issues traded, 286 advanced, 66 declined and 40 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 3.80 paisa or 9.87 percent. On this day, the share was last traded at Tk 42.30 paisa.
Rangpur Foundry Limited ranked top loser on the DSE, the share price dropped by Tk 5.40 paisa or 2.98 percent. On this day, the share was last traded at Tk 175.70 paisa.
DSE topped on trade is Square Pharmaceuticals PLC 35 crore 9 lakh takas of company shares have been traded.
A total of 28 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 82 lakh 94 thousand 29 shares of the companies were traded. The financial value of which is 21 crore 92 lakh taka
One of the listed companies, Eastland Insurance Company Limited discloses its financial reports for the second quarter, (April – June 24).
The company’s earnings per share (EPS) Tk 0.27 paisa in Q2 of the current financial year (April – June 24). EPS was Tk. 0.41 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. NAV per share was Tk. 20.85 as of June 30, 2024.
One of the listed companies, Shahjalal Islami Bank PLC discloses its financial reports for the second quarter, (April – June 24).
The company’s Consolidated earnings per share (EPS) Tk 1.50 paisa in Q2 of the current financial year (April – June 24). Consolidated EPS was Tk. 1.50 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. Consolidated NAV per share was Tk. 20.85 as of June 30, 2024.
