No PSI as Rupali Life's share price soars

The share price of Rupali Life Insurance Company is soaring without any price sensitive information (PSI).

Within one month, the life insurer's share price jumped by more than 32 per cent or nearly Tk 12 to close at Tk 49 on Thursday. The company also figured in the top 10 turnover chart with shares worth Tk 73 million changing hands on the day.

The company's share was trading at Tk 37.10 on November 22 last.

The company's share hovered between Tk 35.20 and Tk 50.90 in the last one year.

Following the recent unusual hike in the company's share price, the Chittagong Stock Exchange (CSE) served a show-cause notice on it.

In response to the CSE's query regarding the upward trend of its share price and volume, Rupali Life Insurance said on Thursday that there was no such undisclosed decision/information relating to the company's operation that might have impact on the upward trend of the share price of the company.

Rupali Life Insurance, which was listed on the Dhaka bourse in 2009, disbursed 10 per cent cash dividend for the year ended on December 31, 2016. In 2015, the company also paid 10 per cent cash dividend.

The company's paid-up capital is Tk 277.39 million and authorised capital is Tk 1.0 billion, while the total number of securities is 27.73 million.

Sponsor-directors own 31.68 per cent stake in the company while the institutional investors own 35.50 per cent and the general public 32.82 per cent as of November 30, 2017, the DSE data show.

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