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Express Insurance plans interim div

The company holds meeting with BSEC


FE REPORT | September 16, 2020 00:00:00


Newly-listed Express Insurance is likely to recommend interim dividend as investors have expressed dissatisfaction over the 'no dividend' recommended for the year ended on December 31, 2019.

The company is mulling to recommend interim dividend after a meeting held on Tuesday with the Bangladesh Securities and Exchange Commission (BSEC).

"We held a successful meeting with the commission. Our company will disseminate a good disclosure soon following the suggestion of the securities regulator," said Liakat Ali Khan, company secretary of Express Insurance.

Official sources said the securities regulator has suggested Express Insurance to take into account the investors' dissatisfaction expressed over no dividend recommended just after being listed with stock exchanges.

"We have heard that there is no scope of reviewing any dividend declaration. That's why, our company is likely to recommend interim dividend taking into account the interest of investors," said the company secretary of Express Insurance.

Express Insurance made its trading debut on August 24, 2020 and recommended 'no' dividend for the year ended on December 31, 2019.

"The no dividend declaration made by Express Insurance was observed by the commission. At Tuesday's meeting, the commission suggested the company to consider investors' interest," said Mohammad Rezaul Karim, an executive director of the securities regulator.

Express Insurance has 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.

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