Sunlife to sell 1.54 crore shares to Green Delta

Business Desk :
Green Delta Insurance is going to buy sponsors’ shares of Sunlife Insurance Company, which is now struggling to settle clients’ claims.

The directors and sponsor shareholders of Sunlife Insurance yesterday decided in a board meeting to enter into an agreement with Green Delta Insurance to sell 1.54 crore shares, according to a disclosure of Sunlife issued on Monday.

The shares will be sold in the block market through stock exchanges, subject to necessary regulatory approvals, it added.

Each share of Sunlife Insurance was traded at Tk 52.90 on Monday, according to data of the Dhaka Stock Exchange.

Considering this price, the share price of the 1.54 crore would be Tk 81 crore.

Sunlife’s claim settlement ratio stood at 55.05 percent at the end of 2022, according to the Insurance Development and Regulatory Authority.

Sunlife Insurance’s sponsors are the family members of Health Minister Zahid Maleque.

Its founder chairman, A Maleque, is the father of the minister.

At present, the minister’s sister, Prof Rubina Hamid, is the chairperson of the company while his wife, Shabana Maleque, and son, Rahat Maleque, are the directors, according to the website of the company.