The board of directors of Padma Islami Life Insurance has decided to sell its property, particularly land, to settle claims from policyholders, the company said in a disclosure today.

The Insurance Development and Regulatory Authority (IDRA) has already approved the sale, according to the disclosure posted on the Dhaka Stock Exchange (DSE) website.

The 20-decimal land, located in Cumilla, would have a sale price of Tk 1.9 crore.

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Padma Islami served show cause notice over Tk 211cr unsettled claims

According to the latest IDRA data, Padma Islami Life Insurance received claims worth Tk 226 crore over the past five years, while approximately Tk 221 crore in claims remain unsettled.

As of 12:02 pm today, shares of Padma Islami Life Insurance rose 1.97 percent to Tk 25.9 on the DSE.