The board of directors of Progressive Life Insurance has recommended 'no' dividend for two consecutive years - one ending on December 31, 2013 and the other on December 31, 2014.
However, the board has recommended 5.0 per cent cash and 5.0 per cent stock dividend for the year ended on December 31, 2015, said an official disclosure on Sunday.
The life insurer will hold the annual general meetings (AGM) for the three years on a single day -- on September 12 -- at 11:00am at the Institution of Diploma Engineers Bangladesh (IDEB).
The record date for entitlement of dividend is August 22.
Following the dividend news, the company emerged as the day's worst loser on the trading floor of the Dhaka Stock Exchange on Sunday. Its share price plunged 23.66 per cent to close at Tk 74.20.
The company, listed on the DSE in 2006, disbursed 18 per cent stock dividend in 2012.
The company's paid-up capital is Tk 129 million, authorised capital is Tk 750 million and the total number of securities is 12.86 million.
The sponsor-directors own 57.62 per cent stake in the company, while institutional investors own 24.09 per cent and the general public 18.29 per cent as of June 30, 2019.
