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The Financial Express

Newly listed Express Insurance declares ‘no’ dividend

| Updated: September 16, 2020 12:08:34


Newly listed Express Insurance declares ‘no’ dividend

Express Insurance Ltd, which made its trading debut on August 24, 2020, has recommended ‘no’ dividend for the year ended on December 31, 2019, according to an official disclosure Tuesday.

Investors expressed dissatisfaction as the company declared no dividend despite getting listed with the bourses and making profit for the year.

The annual general meeting (AGM) will be held on December 15 at 11:00am using a digital platform.

The record date is October 20.

The company has also reported earnings per share (EPS) of Tk 1.31, net asset value (NAV) per share of Tk 18.04 and net operating cash flow per share (NOCFPS) of Tk. 3.30 for the year ended on December 31, 2019 as against Tk 1.12, Tk 18.72 and Tk 0.78 respectively for the same period of the previous year.

There will be no price limit today (Tuesday) on the trading of the shares of the company following its corporate declaration; however, as per the BSEC order dated March 19, 2020, the floor price shall be applicable accordingly.

The insurer’s share closed at Tk 31.30 on Monday at Dhaka Stock Exchange.

Earlier, the Express Insurance made trading debut on August 24, 2020 on the bourses.

The company raised a fund worth Tk 260.79 million from the capital market under fixed price method for investing in fixed deposit receipt (FDR), treasury bonds and capital market.

The company’s paid-up capital is Tk 651.97 million and authorised capital is Tk 750 million while the total number of securities is 65.19 million.

The sponsor-directors own 60 per cent stake in the company, while the institutional investors own 16 per cent and the general public 24 per cent as on August 31, 2020, the DSE data shows.

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