Sunlife Insurance recommends no dividend despite its soaring share prices

Sunlife Insurance Company Ltd has recommended providing no dividend to its shareholders this year; as it did in 2019.

However, its share prices increased by 14.61 percent during Sunday's trading session at the Dhaka Stock Exchange (DSE). The closing price of the company's shares was Tk20.40 per share at the end of the trading session.

For final approval of the dividend, Sunlife Insurance has set September 29 as the date for its annual general meeting and September 6 as its record date.

The company has been listed with the stock market since 2013 and paid stock dividends at a low rate for its initial three years. However, the company has been in the Z category since 2017 due to its failure to pay dividends to its shareholders. The failure to declare dividends is a result of the poor performance of its business, according to a company official.

Recently, the company's board of directors have decided to sell the land owned by the company at Mohakhali in Dhaka.

The company also revealed their unaudited half yearly financial report for the current year. Sunlife Insurance's financial statement reveals that the life insurance fund of the company has decreased by Tk10.82 crore and now stands at Tk181.32 crore for the January to June quarter of this year.