S Alam Group buys sponsor portion of Padma Islami Ins shares

Padma Islami Life Insurance has restructured its board following the transfer of 44.78 per cent shares by its former sponsor-directors to the sister concerns of S. Alam Group, the company officials said.

The company’s board was restructured on Sunday after transferring 17.41 million shares through the block board.

“The sister concerns of S. Alam have purchased the whole sponsor portion at Padma Islami Life Insurance. After transfer of shares, the company’s board has been restructured,” said M. A Sayed, the company secretary of the Padma Islami Life Insurance.

According to a company disclosure, the new board is comprised of Prof. N R M Borhan Uddin, nominated director, Dewan Nurul Islam, nominated director, Md. Zahirul Islam, nominated director, Mohammad Nayeem Abdullah, public shareholder director, Humayun Bokhteyar, nominated director, Md. Belal Hussain, independent director, Dr. Md. Nurul Aktar Chowdhury, public shareholder director, Dr. Serajul Hoque, public shareholder director and Ms. Zaman Ara Begum, nominated director.

Of them, Prof. N R M Borhan Uddin has been appointed chairman, while Dewan Nurul Islam, the incumbent president of ICAB has been elected vice chairman of the Padma Islami Life Insurance, a company release said.

Padma Islami Life Insurance, presently a ‘Z’-category company, was listed on the stock exchanges in 2012.

According to DSE information, general shareholders hold 43.28 per cent shares of Padma Islami Life Insurance as of September 30, 2018.

The company’s share price closed at Tk 24.60 each on Monday with a loss of 4.30 per cent or Tk 1.10 on the DSE.

-mufazzal//rmc