Himalayan Capital Completes Acquisition of Civil Capital Market: New Entity to Function as Himalayan Capital

Himalayan Capital Limited (HBLCL) and Civil Capital Market Limited (Civil-Capital), a licensed financial institution under the "merchant banker" category from SEBON have completed the final acquisition procedure.

HBLCL has successfully taken over Civil-Capital and has agreed upon as the name of the new company that will be formed as a result of the acquisition and the integrated business will be carried out from Friday, 15th Mangsir 2080.

In order to acquire Civil-Capital, a unanimous special resolution was passed by the separate SGMs of both companies and the acquisition was made on the 12th of Mangsir from the office of the Registrar of Companies and the government of Nepal.

Earlier both merchant banks called their respective SGM to pass a resolution regarding evaluating the Due Diligence Audit and endorse a share swap ratio of 100: 31 for the acquisition between Himalayan Capital Limited and Civil Capital Market Limited, implying that 100 units of Civil Capital will be converted into 31 units while Himalayan Capital shares would remain unchanged. 

The joint transaction was jointly kickstarted by chairman of Himalayan Capital Mr. Sunil Prasad Gorkhali and chairman of then Civil Capital Mr. Bhola Bahadur Bista amid a program that was also attended by senior bankers of Himalayan Bank, as per the media statement.

As per the decision of the Board of Directors meeting of Himalayan Capital Limited, the name Himalayan Capital Limited has been established after the acquisition, in order to transfer all the assets and liabilities of Civil Capital Market Limited.