The Bangladesh Securities and Exchange Commission (BSEC) has sought explanations from Sunlife Insurance Company Ltd as the company declared no dividend to its shareholders this year while it did in 2021.
The stock market regulator issued a letter to the insurance company’s managing director on Sunday in this regard.
The move comes following unjustified dividend declaration by the listed companies.
The BSEC said that the insurance company must explain and justify its position on the aforementioned issue, along with any relevant supporting documents or papers, within three working days of the issuance of the letter.
The Board of Directors of the company recommended no dividend for the year ended December 31, 2021, from submitting price-sensitive information (PSI). "The overall performance of your organisation for some years is under our observation," the BSEC added.
The share price of Sunlife Insurance rose 0.97 per cent to close at Tk 73.10 on Sunday.
Sunlife Insurance was listed on the Dhaka Stock Exchange in 2013. The company belongs to the "B" category and its paid-up capital is Tk 36 crore.
