NIBL & Ace Capital SGM today; to endorse merger & change name to NIBL Ace Capital post merger

NIBL Capital Markets Limited and Ace Capital Limited have called for their separate Special General Meetings (SGMs) today (Mangsir 29, 2074) to endorse merger of both merchant bankers. Both the merchant bankers are conducting SGMs on the same day to endorse similar agendas. The SGM of NIBL Capital is being held at NIBL Capital Meeting Hall, Lazimpat, Kathmandu at 11 AM while Ace Capital’s SGM is being held at Nepal Investment Bank’s Naxal Branch at 11  AM. Both the SGM have the following common agendas:

1. To endorse the final agreement for merger of NIBL Capital Markets Limited and Ace Capital Limited.

1. To approve the Due Diligence Audit (DDA) report prepared by the joint acquisition committee and approve the share swap ratio of 1:1

1. To keep the name of merged entity as “NIBL Ace Capital Limited” after completion of merger process.
2. To endorse final agreement prepared for the merger of both companies.

1. To amend the Article of Association and Memorandum of Association as per directed by the regulatory authorities
2. To provide authority to the BOD to finalize the merger process as per instructions received from regulatory authorities

On Asadh 29 2074, Ace Development Bank, parent company of Ace Capital was acquired by Nepal Investment Bank Ltd, NIBL Capital’s parent company, due to which Ace Capital Limited had to be merged with NIBL Capital Markets Ltd. as per SEBON’s regulatory requirement. This merger will increase the paid up capital of the merged entity to Rs 27 Crore which will be the highest paid up capital amongst its peers.