Karachi, Reliance Insurance Company Limited informed Pakistan Stock Exchange about recommendations made by the board of directors in the meeting held at Karachi on March 26, 2016.
The agenda of the meeting was discussion of profit and loss account for year ended Dec 31, 2015 which portrayed a profit of Rs. 80,988,637 and earnings per share 1.75 basic and diluted.
Further, final payment of cash dividend @ Rs. 0.50 per share i.e. 5%, issue bonus shares in the proportion of 10 shares for every 100 shares held i.e. 10% and nil right shares was agreed.
The annual general meeting of the company is scheduled to be held on March 30, 2016 at the registered office of the company in Karachi.
Furthermore, the share transfer books of the company will remain closed from April 19, 2016 to April 30, 2016 (both days inclusive).
Reliance Insurance Company Limited was incorporated in Pakistan as a public limited company on November 4, 1981. The company is engaged in general insurance business. Its registered office is located in Karachi. The shares of the company are quoted on the Karachi and Lahore Stock Exchanges of Pakistan and it is registered with Central Depository Company of Pakistan Limited.
The company is jointly owned by two industrial groups the Al-Noor Group and the Bawany Group. The company has a nationwide branch network with 25 operating stations spread in all the major cities of Pakistan. The products of the company are fire, marine, marine hull, motor, engineering, bond/ guarantee, terrorism, aviation and miscellaneous insurances.
The symbol “RICL” is being used by the stock exchanges for the shares of Reliance Insurance Company Limited.