Desh General Insurance declares 10% cash dividend

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The board of directors of the recently listed general insurance company Desh has recommended a 10% cash dividend for the year ended December 31, 2020.

The final approval of the dividend will take place at the Annual General Meeting (AGM) scheduled for September 28 at 11:00 a.m., via a digital platform.

The registration date is set for September 13, the company said on Tuesday in a document filed with the Dhaka Stock Exchange (DSE).

The non-life insurer also reported earnings per share (EPS) of 1.5 Tk, net asset value (NAV) per share of 11.93 Tk and net operating cash flow per share (NOCFPS). of 2.08 Tk for the year ended December 31. 2020, against 1.36 Tk, 11.62 Tk and 1.52 Tk respectively for the same period of the previous year.

There will be no price limit on trading in the company’s shares today, following its corporate statement.

Each share of the ‘N’ class company, which debuted on March 29 this year, closed at Tk50.70 on Monday. Its shares traded between Tk 15 and Tk 56.80 last year.

Desh General Insurance raised 160 million Tk by issuing 16 million ordinary shares on a fixed price basis with an offer price of 10 Tk each.

The insurer general also released its financial statements for the first quarter (Q1) and second quarter (T2) on Tuesday.

According to the first quarter financial statements, the company’s EPS was 0.44 Tk for January-March 2021 compared to 0.29 Tk for January-March 2020.

In six months for January-June 2021, his EPS was 0.72 Tk for January-June 2021 against 0.58 Tk for January-June 2020.

The paid-up capital of the company is Tk 400 million and the authorized capital is Tk 1.0 billion, while the total number of securities is Tk 40 million.

Sponsor-directors hold 60% of the company’s capital, while institutional investors hold 4.35% and the general public 35.65% as of July 31, 2021, according to DSE data.

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