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 second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
