The sponsors of Padma Islami Life Insurance listed on both Dhaka and Chittagong stock exchanges yesterday announced to sell their entire holdings in the company. The insurer informed through the DSE website that the board of directors of the company has decided to sell 1.74 crore shares held by five sponsor shareholders, 11 sponsor directors, one director and one shareholder (the inheritor of one sponsor) subject to the approval of competent authorities.
The shares account for 44.78 percent of the total paid-up capital of the company, established in 2000.
Padma Life shares traded at Tk 26.20 yesterday at the DSE. The company did not disclose the name of the buyers.
AFM Obaidur Rahman, chairman of Padma Life, also did not receive mobile phone calls and reply to a text message. The decision to change the ownership of the company came at a board meeting last month, said company insiders.
“As the company is facing liquidity crisis, it cannot meet policyholders' demand now. So, the board has decided to sell off the shares,” said a senior official of the company, seeking anonymity.
He also said the company purchased land in many places in the country, but it cannot sell them now.
Last year the insurer failed to give any dividend to its shareholders. As a result, it is now considered a junk stock.
- Courtesy: The Daily Star/ Sep 27, 2018
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