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PROGRESLIF

All Eps Dividend Board Agm Q1 Q2 Q3

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018, PLICL has invested BDT 6,965,061 beyond the aforementioned provision (cont. 29)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): PLICL has declared and approved 10% dividend (i.e. 5% stock and 5% cash) for the year 2015 amounting to BDT 12,865,776 to its shareholders. But PLICL did not recognize this approved dividend in the financial statements for the year ended December 31, 2017 as per para 14 of IAS 37. (cont. 7)

PROGRESLIF 17-Feb-2020

The Company will be placed in 'A' category from existing 'Z' category with effect from February 18, 2020 as the Company has reported disbursement of 12% stock dividend for the year ended on December 31, 2018.

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): Book value of Investment in listed shares was Taka 67,979,205 and Market value (quoted price) of Investment in listed shares was Taka 66,171,809. According to Rule 10 A (1) (e) (i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years (cont. 30)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010. j) In note 14.4.2 of the financial statements, PLICL stated the reason for not following the rule mentioned in the Insurance Rules, 1958, rule 10A(1)(e)(i). According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than (cont. 28)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): But PLICL did not recognize this approved dividend in the financial statements for the year ended December 31, 2017 as per para 14 of IAS 37. Also, as per para 8 of IAS 10, PLICL shall adjust the amounts recognized in the financial statements to reflect adjusting events after the reporting period. Emphasis of Matter: Without further modifying our opinion we draw attention to following notes to the financial statements: (cont. 7)

PROGRESLIF 17-Feb-2020

(Continuation news of PROGRESLIF): the respective agents of closed service cells, which they are trying to recover. According to IAS 37, para 14, no provision has been maintained against BDT 5,959,293 in the audited financial statements; and 5. According to the 153th Board meeting, dated July 25, 2019 and 16th AGM, dated September 12, 2019, PLICL has declared and approved 10% dividend (i.e. 5% stock and 5% cash) for the year 2015 amounting to BDT 12,865,776 to its shareholders. (cont. 6)

PROGRESLIF 03-Dec-2019

Dividend Declaration (Additional Information): The Company has further informed that EPS of Tk. 1.72, NAV per share of Tk. 56.40 and NOCFPS of Tk. (15.16) for the year ended on December 31, 2018.

PROGRESLIF 03-Dec-2019

(Continuation news of PROGRESLIF): c) Bonus shares were not declared out of from Capital Reserve on Revaluation Reserve unrealized gain or out of profit earned prior to incorporation of the Company or through reducing paid up capital or through doing anything so that the post dividend retained earnings become negative or a debit balance. (end)

PROGRESLIF 03-Dec-2019

Dividend Declaration (Additional Information): The Company has further informed that a) Reason for declaration of Bonus share to comply Insurance Act- 2010 and repeatedly direction by the IDRA to raise paid up capital upto 30.00 crore immediately according to schedule-1, bonus share declared according to Actuary Valuation and Surplus. b) Bonus share were declared considering only Actuarial surplus and (cont.)

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