Sun Nepal Life Proposes Share Ownership Change: Founder Stake to Decrease
Sun Nepal Life Insurance has proposed reducing the founder shareholders' ownership from 70% to 51% and increasing the general public's stake from 30% to 49%. The company's board of directors has decided to present this proposal at the upcoming annual general meeting, which will require approval from regulatory bodies including the Nepal Insurance Authority.
Sun Nepal Life Insurance Company Limited has proposed reducing the ownership of founder shareholders and increasing the share of general public shareholders. The company is set to reduce the founders' ownership from 70 percent to 51 percent and increase the general public's ownership from 30 percent to 49 percent.
The board of directors' meeting held on 2083 Kartik 12 decided to take the proposal regarding the change in share ownership to the upcoming annual general meeting. According to the proposal, the founder shareholders' stake in the company will be maintained at 51 percent and the general public shareholders' stake at 49 percent. For this, necessary approval must be obtained from the Nepal Insurance Authority and other relevant regulatory bodies.
The company has stated that it will complete the necessary legal process and change ownership in accordance with Section 5 of the Nepal Insurance Authority's 'Insurer's Founder Share Transaction Directive, 2077'. After receiving approval from the regulatory body to implement the proposed arrangement, it will be brought for passage at the upcoming annual general meeting.