Prime Islami Life’s share price drops by 17%
The company’s share price dropped from Tk79.60 to Tk73.70 on Tuesday
The Prime Islami Life Insurance Ltd's share price has dropped by 17.19% on Tuesday after the company decided to announce no dividend for its shareholders for the year ended on 31 December, 2020.
The company took the decision regarding the dividends at its board meeting on Monday. On the next day, the company's share price dropped from Tk79.60 to Tk73.70.
The company's 6.61 lakh shares worth Tk4.9 crore were traded at the Dhaka stock exchange (DSE) on Tuesday.
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For the approval of the audited financial statement and other matters, the company will hold an annual general meeting (AGM) on 23 August, 2021. The record date for the AGM will be 12 July.
In the first quarter (January to March) of 2021, the consolidated revenue account of the life insurance company decreased by Tk87.83 crore and stood at Tk748.94 crore.
Earlier, the Bangladesh Securities and Exchange Commission (BSEC) decided to appoint a special auditor in the public interest to review the financial statements of the company for four years until 31 December, 2020.
The Prime Islami Life Insurance Ltd is a third-generation Islamic insurance company established in July 2000.
The company has been engaged in the Islamic life insurance business since 22 April, 2002. It offers a wide variety of insurance policies that fulfill the demands of all segments of society.
The company provides individual ordinary Islamic life policies, micro Takaful schemes, and group Takaful schemes.
The company listed on the stock exchanges in 2007. Its paid-up capital is Tk30.52 crore.
As of July last year, sponsors and directors jointly held 38.08%, institutional investors 44.77%, foreign investors 0.05%, and general investors 17.10% of the company's shares.
