Express Insurance Limited has declared 5.0 per cent interim cash dividend, a-day after the stock market regulator relaxed the obligation for declaring interim cash dividend of listed companies.
The board of directors of Express Insurance has declared the interim cash dividend based on nine months un-audited financial statements that ended on September 30, 2020.
The record date for entitlement of interim cash dividend is on November 22, according to an official disclosure on Monday.
The Bangladesh Securities and Exchange Commission (BSEC) on Sunday allowed the listed companies to recommend and distribute interim cash dividend from retained earnings subject to fulfillment of other rules and requirements.
There is no mandatory requirement of auditing the quarterly statements in case of distributing interim cash dividends, according to the BSEC.
The commission took this decision after reviewing applications of investors and companies.
The Express Insurance's nine months un-audited earnings per share (EPS) was Tk 0.84 for January-September 2020 as against Tk 0.71 for January-September 2019.
The net operating cash flow per share (NOCFPS) was Tk 2.37 for January-September 2020 as against Tk. 0.76 for January-September 2019.
The net asset value (NAV) per share was Tk. 15.53 as on September 30, 2020 and Tk. 18.04 as on December 31, 2019.
Its EPS was Tk 0.42 for July-September 2020 as against Tk 0.33 for July-September 2019.
Express Insurance, which made trading debut on the bourses on August 24 this year, raised a capital worth Tk 260.79 million under fixed price method from the capital market.
The general insurer offloaded more than 26.07 million ordinary shares at an offer price of Tk 10 each and raised the said amount.
Following the lower than expected dividend declaration, the company's share price tumbled 12.73 per cent to close at Tk 37.70 each on Monday. It was also the day's worst loser on the Dhaka bourse.
The company's paid-up capital is 651.97 million, authorised capital is Tk 750 million and the total number of securities is more than 65.19 million.
Sponsor-directors own 60 per cent stake in the company while institutional investors own 14.50 per cent and the general public 25.50 per cent as on September 30, 2020.
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