Delta Life Insurance approves 50pc stock dividends for 2004

Delta Life Insurance yesterday approved 50 percent stock dividends, converting the previously announced 30 percent cash and 20 percent stock dividends, for 2004.
The approval came at an annual general meeting (AGM) of the firm, which was held eight years after the scheduled time, as legal disputes regarding the AGM got settled one and a half months ago.
Earlier, the shareholders proposed to convert the previously announced dividend.
“We are pretty happy to hold this AGM after a long time. As per court directives, the AGM for 2004 has been held at first,” said Monzurur Rahman, chairman of the company, while presiding over the meeting at its premises in Gulshan.
The AGMs due for 2005-12 will be held accordingly on a single day, which will benefit the shareholders and policy holders, the company said in a statement quoting Rahman.
In 2005, the listed insurer recommended 30 percent cash and 20 percent stock dividends for 2004.
But the firm could not hold the AGM as one of its sponsor directors filed a petition with the High Court challenging the balance sheet of the company for 2004.
No AGM of the company took place since then.
On June 20 this year, the Appellate Division of the Supreme Court cleared the barriers for holding the AGM for 2004 and for the years onward.
The court also instructed Delta Life to hold the AGM for 2004 by the next two months from the verdict and the rest AGMs for eight years by December 19 this year.
Delta Life was listed on the stockmarket in 1995. Each share traded between Tk 4,740 and Tk 4,545.7 before closing at Tk 4,545.8 on the Dhaka bourse yesterday.