The board of directors of Rupali Life Insurance Company has recommended 13 per cent cash and 2.0 per cent stock dividend for the year ended on December 31, 2020.
The final approval of the dividend will come during the annual general meeting (AGM) scheduled to be held on October 28 at 10:00am through the Digital Platform.
The record date is set on September 23, the company said in a filing with the Dhaka Stock Exchange (DSE) on Monday.
The life insurer has also informed the consulting actuary of the company has assessed the valuation surplus and recommended 15 per cent dividend for the year 2020.
The board of the company has declared 13 per cent cash and 2.0 per cent stock dividend based on actuary's recommendation.
The stock dividend has been declared considering the section 21 and schedule 1 of Insurance Act 2010 to attain the minimum paid-up capital of Tk 300 million out of that valuation surplus which is the accumulated profit of the company.
The company has also informed that the bonus shares is not declared from share premium or capital reserve or revaluation reserve or any unrealised gain or out of profit earned prior to incorporation of the company or through reducing paid-up capital or through doing anything so that the post-dividend retained earnings become negative or a debit balance.
The company shall use the amount of the declared stock dividend instead of cash to invest in FDR, bond and/or stock market to enhance the future return on investment, said the company.
Each share of the company, which was listed on the DSE in 2009, closed at Tk 77.70 on Monday, rising 2.10 per cent over the previous day. The company shares traded between Tk 42.30 and Tk 93.50 in the last one year.
The life insurer has disbursed 12 per cent cash and 2.0 per cent stock dividend for the year ended on December 31, 2019. In 2018, it provided a 12 per cent cash dividend.
The company's paid-up capital is Tk 294.26 million and authorised capital is Tk 1.0 billion, while the total number of securities is 29.42 million.
The sponsor-directors own 32.07 per cent stake in the company, while institutional investors own 9.51 per cent and the general public 58.42 per cent as on July 31, 2021, the DSE data showed.
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The AGM will be held on November 13 at 11:00am through the digital platform. The record date is set on September 16.
The company has also reported EPS of Tk 0.61 for the year ended on June 30, 2021 as against as against loss of Tk 0.09 per share for the same period last year.
The company has also reported NAV per share of Tk 10.63 and NOCFPS of Tk 2.64 for the year ended on June 30, 2021 as against Tk 10.06 and Tk. 2.34 respectively for the same period of the previous year.
Each share of the company, which was listed on the DSE in 2019, closed at 41.80 on Monday, losing 2.79 per cent over the previous day.
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