Pragati Life Insurance declares 12% cash dividend

AGM on 10 August, record date 20 July this year

The board of directors of Pragati Life Insurance Ltd recommended a 12% cash dividend for the year that ended on 31 December 2022.

The decision has come from the board of directors’ meeting on Monday.

In 2021, the life insurer recommended 11% cash and 6% stock dividends for the year.

The annual general meeting (AGM) for shareholders to consider dividend payment proposals along with other agenda will be held on 10 August 2023 through a digital platform.

The record date to identify eligible shareholders who can join the AGM and avail dividends will be 20 July.

Pragati Life Insurance is a third-generation life insurance company incorporated in 2000 and listed on the bourses in 2006.

The company provides life insurance, pension, and health insurance. It also offers a wide variety of insurance products that fulfill the requirements of present and prospective policyholders.

In the July to September period of 2022, its life fund stood at Tk611.77 crore.

As of 31 May 2023, the sponsors and directors jointly held 38.37% shares, institutions 34.34%, and the general public held 27.29% shares in the company.

The last trading price of each share of the life insurer was Tk132.1 on Monday at the Dhaka Stock Exchange.

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Iram Hoque

Mohd. Iramul Hoque (Iram) completed his bachelor’s degree in Industrial Engineering in 2018 from Purdue University.

He joined Deloitte Consulting LLP as a Consulting Analyst based out of New York City having previously worked in similar roles at PricewaterhouseCoopers LLP & Landis+Gyr.

Iram left consulting and returned to Bangladesh to take up the family business. Realizing the opportunity in the capital market in Bangladesh, Iram worked relentlessly to found Columbia Shares & Securities Ltd in 2021.

Md Saiful Hoque

Md. Saiful Hoque received his bachelor’s degree in Civil Engineering from Columbia University in 1986 followed by a master’s degree from Texas A&M University in 1988. Upon completion of his Graduate Degree, he joined Gulf Interstate Engineering Company in Houston, USA serving as a Project Engineer.

He returned to Bangladesh in 1992 to join Columbia Enterprise Ltd., the family business of Shipping and Freight Forwarding services. In addition, he has built flourishing businesses manufacturing Garment’s Accessories and Fast-Moving Consumer Goods.