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Everest Insurance resumes stock trading

After seven months, Everest Insurance Company is back to the stock exchange from today as its 1,000 units of shares were traded in a single transaction at Rs 215 per unit at the Nepal Stock Exchange (Nepse).

Nepse had suspended share trading of the non-life insurer since October 11, 2013, following its management takeover by Insurance Board. The shares were last traded at Rs 211 per unit on October 10, 2013.

Back in October, the Insurance Board – the insurance market regulator – had suspended the company’s board members, former chairman and then chief executive blaming them of not running the business properly and flouting insurance regulators. The board took control of the company’s management and appointed its own team to run the company.

Everest Insurance had run into troubles with the regulator from mid-2012.

After taking over the company, the board-installed team conducted a special general meeting on February 13 and elected a new board.

The company earned Rs 37.6 million in net profit during the third quarter of the current fiscal year. It had recorded a loss of Rs 13.29 million during third quarter of the last fiscal year.

Everest Insurance had listed 1.02 million units shares at the Nepal Stock Exchange.