Health minister, his family sell 13.42m shares of Sunlife Ins at Tk 671m

Health Minister Zahid Maleque and his family members, owners of Sunlife Insurance, sold 13.42 million shares in the block market on Sunday.

Out of their entire holding of 15.4 million shares in Sunlife Insurance, the Health Minister and family have completed the sale of 13.42 million shares to Green Delta Insurance for Tk 671 million through the Dhaka Stock Exchange’s black market.

In the block market, Sunlife Insurance shares between Tk 47.7 to Tk 55 each with 26 trades on Sunday.

Last week, the Bangladesh Securities and Exchange Commission (BSEC) approved the sale of the entire 43 per cent holding of Zahid Maleque and family at the Sunlife Insurance Company to Green Delta Insurance Company and subsidiaries.

The BSEC, with a no objection certificate from the insurance regulator Insurance Development and Regulatory Authority (Idra), approved the share transaction deal between the parties.

In the main market of the DSE, Sunlife shares are trading at Tk 52.9 each.

Sunlife Insurance was listed on the bourses in 2013, and non-life insurer Green Delta Insurance in 1989.

According to the BSEC letter issued on 16 November, the shares will be locked in for two years, which means, during this period, the new directors will not be able to sell the shares.

Recently, Sunlife Insurance has been facing challenges in settling claims of its policyholders.

This June, Idra appointed an observer to protect the interest of policyholders and ensure good governance in the company.

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