Chartered Life to start trading shares from Sunday
The CDBL on Wednesday credited Chartered Life Insurance’s IPO shares to beneficiary owners’ accounts of the investors
Chartered Life Insurance Company Limited will commence trading its shares on the bourses from Sunday (30 October) under the 'N' category.
On Wednesday, the Central Depository Bangladesh Limited (CDBL) credited Chartered Life Insurance's initial public offering (IPO) shares to investors' respective beneficiary owners' accounts.
The company completed its IPO subscription from 25 to 29 September this year.
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Earlier, Chartered Life Insurance secured approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk15 crore from the capital market at a face value of Tk10 per share.
The IPO is intended to comply with the regulatory requirement, whereby insurers are obliged to go public within a few years of starting commercial operations.
The company will use the IPO funds to invest in government and publicly listed securities, alongside meeting the expenses for the IPO.
Chartered Life Insurance was incorporated in 2013 and its paid-up capital stood at Tk22.5 crore at the end of 2020.
According to the actuarial valuation report, the company's total life insurance fund was Tk35.22 crore at the end of 2021, while the surplus in the life insurance fund was over Tk4.67 crore.
AAA Finance and Investments, Trust Bank Investment, and AB Investment are the joint issue managers of the insurer's IPO.
The company cannot announce or pay any dividends before its listing, said the BSEC.
