Prime Islami Life Insurance to buy another 14% share of PIS

Prime Islami Life Insurance is set to purchase another 14 percent or 1.40 crore shares of the Prime Islami Securities (PIS). After the purchase, Prime Islami Life Insurance will hold 65 percent share of the brokerage company.

The Prime Islami Securities is a subsidiary of Prime Islami Life Insurance Ltd - which is enlisted with the share market.

At present the paid up capital of Prime Islami Securities is Tk100 crore and the number of shares is 10 crore. Prime Islami Life Insurance holds 51 percent share of the Prime Islami Securities.

The Prime Islami Life Insurance will purchase 1.40 crore shares of the company at its face value of Tk10 per share, amounting to the total value of Tk14 crore.

"Some directors of the securities company will sell all of their shares to Prime Islami Life Insurance," confirmed Kazi Abul Manzur, acting company secretary of Prime Islami Life Insurance.

The Prime Islami Securities have been doing business at Dhaka Stock Exchange as a stock broker and stock dealer since 2010.

In 2018 accounting year, the Prime Islami Securities made a net profit of Tk7 crore after paying taxes. In the previous year the firm's net profit was Tk14 crore.

The Life Fund of Prime Islami Life Insurance stood at Tk791 crore in the first three quarters of the current year. At the end of 2018, the Prime Islami Life Insurance gave 12 percent cash dividend to its shareholders.

On Tuesday, the closing price of Prime Islami Life Insurance at Dhaka Stock Exchange was Tk47.80. In the past year, the highest price of the company's share was Tk76.80 and the lowest was Tk43.