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 last working day of the week, 25th July, ended with a hike in Indices and Turnover from the previous working session. This information is known from DSE sources.
497 crore 34 lakh taka shares were traded on this day. 337 crore 97 lakh more tradings were done in DSE today compared to the previous workday, July 24th, Shares worth Tk 159 crores 37 lakh shares were traded last time, Wednesday.
The benchmark DSEX increased 62.81 points or 5,413 The Shariah-based index DSES added 13.81 points or 1,183 and the blue-chip index DS30 gained by 24.25 points or 1,932.
Of the issues traded, 286 advanced, 66 declined and 40 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 3.80 paisa or 9.87 percent. On this day, the share was last traded at Tk 42.30 paisa.
Rangpur Foundry Limited ranked top loser on the DSE, the share price dropped by Tk 5.40 paisa or 2.98 percent. On this day, the share was last traded at Tk 175.70 paisa.
DSE topped on trade is Square Pharmaceuticals PLC 35 crore 9 lakh takas of company shares have been traded.
A total of 28 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 82 lakh 94 thousand 29 shares of the companies were traded. The financial value of which is 21 crore 92 lakh taka
One of the listed companies, Eastland Insurance Company Limited discloses its financial reports for the second quarter, (April – June 24).
The company’s earnings per share (EPS) Tk 0.27 paisa in Q2 of the current financial year (April – June 24). EPS was Tk. 0.41 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. NAV per share was Tk. 20.85 as of June 30, 2024.
One of the listed companies, Shahjalal Islami Bank PLC discloses its financial reports for the second quarter, (April – June 24).
The company’s Consolidated earnings per share (EPS) Tk 1.50 paisa in Q2 of the current financial year (April – June 24). Consolidated EPS was Tk. 1.50 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. Consolidated NAV per share was Tk. 20.85 as of June 30, 2024.
