Sonali Life Insurance declares 12pc cash dividend

FE ONLINE REPORT | Saturday, 10 July 2021

The board of directors of newly listed Sonali Life Insurance Company has recommended a 10 per cent cash dividend for all shareholders for the year ended on December 31, 2020.

Besides, the board has also recommended a 2.0 per cent interim cash dividend for all shareholders as on the record date set on August 1 based on the commendable performance of the company for the current fiscal year, 2021.

The board of directors of the company recommended dividends at a meeting held on Saturday through a digital platform, according to official disclosure.

The final approval of the dividends will come during the annual general meeting (AGM) scheduled to be held on August 24 at 12:00 noon using a digital platform.

The record date is set on August 1, the company said in the disclosure.

Sonali Life is the first company which shares allotted under the newly introduced pro-rata basis. The life insurer raised Tk 190 million from the capital market by issuing 19 million ordinary shares under the fixed price method.

The IPO proceeds will invest in the government Treasury bond, fixed deposit receipt (FDR) and the stock market.

Each share of the company, which made trading debut on June 30 this year, closed at Tk 16 on Thursday, soaring 60 per cent from its face value of Tk 10 each within five trading days after its debut.

The company’s paid-up capital is Tk 475 million, authorised capital is Tk 1.0 billion and the total number of securities is 47.50 million.

The sponsor-directors own 41.11 per cent stake in the company while the institutional investors own 16 per cent and the general public 42.89 per cent as of December 31, 2019 (year-end), the DSE data shows.

[email protected]