The Bangladesh Securities and Exchange Commission (BSEC) has approved the sale of the Health Minister and his family’s entire 43% stake in Sunlife Insurance Company to Green Delta Insurance Company and its subsidiaries. The transaction, valued at nearly Tk81 crore at the prevailing market price of Tk52.9 per share, involves approximately 1.54 crore shares in the block market.Â
The BSEC imposed conditions on the deal, requiring declarations and source tax deposits, the formation of a 13-member board by the new owners, and a two-year lock-in period for the shares. Sunlife Insurance has faced challenges in settling claims, prompting the Insurance Development and Regulatory Authority (Idra) to appoint an observer in June.
As of July 2022, the health minister held 8.27%, and his son held 8.53%. Sunlife’s half-yearly financials in 2023 show a total outstanding claim of Tk30 crore as of June. The company’s decision to sell four floors of the Niloy Sunlife Tower is also noted.
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