Provati Ins to set up subsidiary company

Dhaka,  Thu,  21 September 2017
Published : 10 Jul 2017, 21:12:13

Provati Ins to set up subsidiary company

FE Report

The Board of Directors of Provati Insurance has decided to set up a new subsidiary company with an Asset Management Company (AMC) license, said an official disclosure on Monday.

"The Asset Management Company will also function as a fund management company," said the disclosure posted on the Dhaka Stock Exchange (DSE) website on the day.

The disclosure noted that this is subject to the approval of the concerned regulators and compliance with all regulatory requirements.

"Upon incorporation of the Asset Management Company, the new company will establish a mutual fund and an Alternative Investment Fund by following Mutual Fund Rules, 2001 and Alternative Investment Rules, 2015 respectively," the disclosure added.

Each share of the insurer, which was listed on the Dhaka bourse in 2009, closed at Tk 19 each on Monday, registering an increase of 5.56 per cent over the previous day.

Sponsor-directors hold 34.59 per cent stake in the company, while institutional investors own 21.63 per cent and the general public 43.78 per cent as on June 30, 2017, the DSE data shows.

The company's paid-up capital is Tk 297 million and authorised capital is Tk 1.25 billion while the total number of securities is 29.70 million, according to the statistics of the DSE.    

The shareholders of the company approved 6.0 per cent cash and 6.0 per cent stock dividend for the year ended on December 31, 2016. The company's annual general meeting that held on Sunday.

In 2015, the company also disbursed 6.0 per cent cash and 6.0 per cent stock dividend.

The company's first quarter (Q1) earnings per share (EPS) stood at Tk 0.60 for January- March period of 2017 as against Tk 0.61 for the same period a year ago.
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