Kathmandu, June 10
Mahalaxmi
Life Insurance Limited has approved the merger of the company with Prabhu Life
Insurance Limited at the share swap ratio of 1:1.
Fifth
Annual General Meeting of the company held the other day approved the proposal
to go for the merger with Prabhu Life and create a new life insurance company –
Prabhu Mahalaxmi Life Insurance Company Limited.
The
meeting also passed the agreements made for the merger and decision to appoint
an auditor to conduct the evaluation of assets and liabilities of the company,
said the Chief Executive Officer of the company, Ramesh Kumar Bhattarai.
Both
the companies had decided for the merger in July 2022 to meet the new capital
requirement of Rs. 5 billion for a life insurance company set by the Nepal
Insurance Authority (NIA).
The
company informed that the merger would be concluded and joint operations would
begin by mid-July this year.
Published in The Rising Nepal daily on 11 June 2023.
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