HNB Assurance PLC has recently transferred its general insurance business which includes all assets and liabilities relating to that part of the business, to HNB General Insurance Limited, which is a wholly owned subsidiary of the company.
The company has transferred assets worth of approximately Rs. 1.4 billion relating to the general insurance business of the company to HNB SUU General Insurance Limited in consideration of HNB General Insurance Limited assuming liabilities of the company relating to their general insurance business.
The company has also transferred assets worth of Rs. 900 million in consideration of HNB General Insurance Limited issuing shares thereof to the company. The company has previously subscribed to shares in HNB General Insurance Limited with an investment of Rs. 100 Million. (IH)
Accordingly, total investment in Stated Capital of H N B General Insurance Limited by HNB Assurance PLC is Rs.1 billion.
The aforesaid transfer of assets to HNB General Insurance Limited constituted a major transaction. Shareholder approval by way of a special resolution was ob
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The company has transferred assets worth of approximately Rs. 1.4 billion relating to the general insurance business of the company to HNB SUU General Insurance Limited in consideration of HNB General Insurance Limited assuming liabilities of the company relating to their general insurance business.
The company has also transferred assets worth of Rs. 900 million in consideration of HNB General Insurance Limited issuing shares thereof to the company. The company has previously subscribed to shares in HNB General Insurance Limited with an investment of Rs. 100 Million. (IH)
Accordingly, total investment in Stated Capital of H N B General Insurance Limited by HNB Assurance PLC is Rs.1 billion.
The aforesaid transfer of assets to HNB General Insurance Limited constituted a major transaction. Shareholder approval by way of a special resolution was ob
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