Kathmandu, July 25
Unnati Microfinance Bittiya Sanstha Limited and Sahakarya
Laghubitta Bittiya Sanstha Limited have agreed for merger.
The two class 'D' banks signed a Memorandum of Understanding
for the merger on Thursday. Chairperson of Unnati and Sahakarya Anita Dhungana
Shaha and Khilaraj Mainali respectively signed the MoU along with the members
of the board of directors of the two companies.
The two microfinance institutions have agreed for the merger
with the aim to make the new company more competitive and create a powerful and
sustainable institution. "With the merger announcement, we have agreed to
work more rigorously in poverty reduction and raise the economic standards of
people, increase financial access of poor and marginalised communities and
offer better return to the investors and shareholders," read the MoU.
They have agreed to launch joint transaction by the end of
the first six months of the current Fiscal Year 2019/20.
Head office of the merged institution will be managed at the
current head office of Unnati in Siddarthanagar Municipality of Rupandehi
district and the head office of Sashakarya will be run as the provincial
office.
By the end of the last FY 2018/19, Unnati has Rs. 88.2
million and Sahakarya Rs. 14 million paid-up capital. Promotor and general
share ratio of the new company will be 70:30.
Published in The Rising Nepal daily on 27 July 2019.
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