Health minister, family sell 1.34cr Sunlife Insurance shares at Tk67cr

Out of their entire holding of 1.54 crore shares in Sunlife Insurance, Health Minister Zahid Maleque and family have completed the sale of 1.34 crore shares to Green Delta Insurance for Tk67 crore through the Dhaka bourse's block market.

In the block market, Sunlife Insurance shares ranged from Tk47.7 to Tk55 each on Sunday.

Last week, the Bangladesh Securities and Exchange Commission (BSEC) approved the sale of the entire 43% 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.

Zahid Maleque and his family are the owners of Sunlife Insurance. The health minister's father late Col A Maleque (PSC) was the company's founding chairman.

In the main market of the Dhaka Stock Exchange, Sunlife shares are trading at Tk52.9 apiece.

Life insurer 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.