Stocks
Sunlife Insurance Board Restructuring Follows Health Minister’s Family Share Sell-off
Health Minister Zahid Maleque and his sister, Rubina Hamid, are poised to divest additional Sunlife Insurance shares inherited from their late mother, Fouzia Maleque. Following the completion of the sale of 1.34 crore shares to Green Delta Insurance for Tk67 crore on December 3, the family has disclosed plans to sell 8.16 lakh shares by Zahid Maleque and 5.58 lakh shares by Rubina Hamid, including the inherited shares, according to a recent disclosure by Sunlife Insurance on the Dhaka Stock Exchange (DSE) block market.
The late Fouzia Maleque, a sponsor director at Sunlife, passed away in May 2021, leaving behind 12.24 lakh shares, as directed by the High Court. The Bangladesh Securities and Exchange Commission (BSEC) had previously approved the share transaction deal between the parties with a no objection certificate from the Insurance Development and Regulatory Authority (IDRA).
As per the agreement, the new owners are required to establish a 13-member board of directors, with each director holding 2% or more shares of the company. The shares will be locked for two years, preventing the new directors from selling them during this period. The BSEC’s November 16 letter emphasized that any inconsistency found in submitted documents and declarations in the future would result in the cancellation of the approval.
In the backdrop of this development, Sunlife Insurance has been grappling with challenges in settling policyholder claims, leading to legal actions by some clients against high-ranking officials, including the chairman and CEO. The IDRA appointed an observer in June to safeguard policyholder interests and ensure good governance in response to constant complaints about delayed insurance claims.
Sunlife Insurance’s half-yearly financials for 2023 reveal a total outstanding claim of Tk30 crore as of June, underscoring the company’s present financial situation.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
