Prime Islami Life Insurance shares soar in eight days
The company said that there is no undisclosed PSI for the recent unusual price hike
The share price of Prime Islami Life Insurance — a third-generation Islamic insurer – has climbed 43% in the last eight trading days.
According to the Dhaka Stock Exchange (DSE), the shares rose to Tk89.2 each on Tuesday, from Tk62.4 each on 6 January.
Following such a sharp rise in its share prices, the country's premier bourse sent a query to the company on 17 January.
In reply, the company said that there is no undisclosed price sensitive information (PSI) for the recent unusual price hike.
Also, in mid last year, its share price shot up sharply. Each share soared to Tk93.1 on 13 June, the highest in that year.
Later, the share price declined to Tk57 each in December. Again, its share price increased amid financial upgrading.
Prime Islami Life Insurance, established in 2000, failed to pay dividends in 2020 for the first time since its listing in 2007.
The company had previous records of paying the lowest 5% and the highest 30% dividends in terms of both cash and stock.
In 2021, the Bangladesh Securities and Exchange Commission (BSEC) appointed a special auditor to review Prime Islami Life Insurance's financial statement for four years until 31 December 2020.
The BSEC took the initiative to find alleged embezzlement of funds by its directors – to protect the interest of the investors.
