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29 March 2024


Business Insider Bangladesh

Provati Insurance to buy majority stakes in brokerage house, hospital

BI Report || BusinessInsider

Published: 18:59, 8 May 2022  
Provati Insurance to buy majority stakes in brokerage house, hospital

Provati Insurance Company logo

Provati Insurance Company Limited, listed on the stock exchange, is going to buy ownership of a brokerage house on the Dhaka Stock Exchange (DSE) and a specialised hospital at Kathalbagan in the capital.

In a filing with the Dhaka Stock Exchange (DSE) on May 5, Provati Insurance informed the matter to its investors.

Provati Insurance will buy a 63-percent stake in DSE brokerage house Al-Muntaha Trading Company at a cost of Tk 29 crore.

The insurance company will also acquire a 65-percent stake in Reliance General and Renal Hospital at a cost of Tk 6.5 crore.

However, the acquisition of these two companies is subject to the approval of the regulatory body, the Bangladesh Securities and Exchange Commission (BSEC).

According to the DSE, the authorised capital of Provati Insurance Company — listed in the stock market in 2009 — is Tk 125 crore. Its paid up capital is Tk 34,75,20,000. In contrast, there is a reserve of Tk 27.95 crore.

The total number of shares of the company is 3,47,51,929. Of the shares, entrepreneur-directors have 30.03 percent shares, institutional investors hold 25.34 percent and general investors hold the remaining 44.63 percent shares.

In the first quarter of the current financial year (January-March), the company’s earnings per share (EPS) was Tk 1.38, which was Tk 1.26 in the same period of the previous year.

At the end of March 31, 2022, the company’s net asset value per share (NAVPS) stood at Tk 23.45. At the same time in the previous year which was Tk 22.34.

The company declared 16-percent cash and 10-percent stock dividends for the year ended December 31, 2021. This is the highest dividend since the company was listed on the stock exchange.

Meanwhile, the company earned Tk 4.30 per share in the last financial year. In the previous financial year, it was Tk 3.10. These earnings are also the highest record since its enrolment in the capital market.

On the other hand, on December 31, 2021, the company’s net asset value stood at Tk 22.34. Last year, it was Tk 21.11. The asset value for the year ended is also the highest after the listing of the company.

 

Nagad
Walton