Mabroor Hossain, a director of the Hosaf Group and a sponsor-director at Pragati Life Insurance Ltd, has announced he will sell 37% of all his shares in the life insurance company.
According to the Dhaka Stock Exchange (DSE), he will sell 3.72 lakh shares from his holding of 9.97 lakh shares.
He is also the managing director of Hosaf Proficient Energy Limited, a concern of the Hosaf Group.
Other sponsor-directors of Pragati Life Insurance will buy these shares on the block market of the bourses within the next 30 days at the prevailing market price, says a disclosure filed on the stock exchanges on Sunday by the company.
Sponsor-Directors ASM Mohiuddin Monem, Tabith M Awal, Md Shafiur Rahman, and Salim Rahman have declared they will buy 50,000, 744,000, 50,000, and 197,600 shares of Pragati Life respectively.
Pragati Life Insurance started business in 2000 and listed on the stock market in 2006. The company is sponsored by some renowned business entrepreneurs associated with different industrial groups.
Pragati has a reinsurance agreement with the world's largest reinsurer, Munich Reinsurance Company, of Germany.
It is also the ﬁrst insurance company in Bangladesh providing status of policies with Push-Pull (SMS) service for its policyholders.