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The Financial Express

Share price of Progressive Life soaring sans PSI

| Updated: December 14, 2017 20:03:07


Lankabangla and Fianancial Express Lankabangla and Fianancial Express
Share price of Progressive Life soaring sans PSI

Share price of Progressive Life Insurance Company is soaring without any price sensitive information (PSI).

Within past five trading days, the life insurer’s share price jumped more than 25 per cent or Tk 13.20 per share to close at Tk 66.10 on Wednesday. The company’s share price was Tk 52.90 on December 6.

Following the recent abnormal price hike of the company’s share, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.

The company, however, informed the DSE today (Thursday) that there is no undisclosed price sensitive information for recent unusual price hike of its shares.

The “Z” category company, which was listed on the Dhaka bourse in 2006, failed to pay dividend till 2012.

The company’s paid-up capital is Tk 129 million and authorised capital is Tk 750 million, while the total number of securities is 12.86 million.

Sponsor-directors own 57.60 per cent stake in the company, while the institutional investors own 23.50 per cent and the general public 18.90 per cent as of October 31, 2017, the DSE data shows.

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