Kathmandu, Sept. 3
Crest Micro Life
Insurance Limited is in the process of issuing shares to the general public. It
has RBB Merchant Banking Limited as the issue manager. The two companies signed
an agreement on Monday. Crest also signed another agreement with the RBB Mutual
Fund-1.
Crest has received ICRA
double B rating from ICRA Nepal Limited, a credit rating organisation.
According to ICRA Nepal, the company receiving such a rating is considered to
be moderately safe in terms of meeting its financial obligations on time, the
company said in a statement.
"Although the
company managed to make a profit within a short period of its establishment,
the rating is affected by the operational, management and risk assessment
expenses in the initial years," read the statement.
According to the company,
in the near future, business expansion including business diversification,
quality investment and controlled claim payment process will have a positive
impact on the rating.
The company is going to
issue 2.2 million units of shares amounting Rs. 225 million - about 30 per cent
of the company's issue capital Rs. 750 million. Unit price of each share is Rs.
100.
Crest Micro Life is a
company registered as a public company in the office of the Registrar of
Companies, and established in accordance with the Insurance Act, 2079 and
Insurance Regulations, 2049, with the aim of providing micro life insurance
services to the residents of low-income, middle class and backward areas, and
the people of marginalised communities.
It's in operation for the
last one and a half years. It is offering its services from 23 branches and
sub-branches.
Published in The Rising Nepal daily on 4 September 2024.
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