Joint Transaction of Siddhartha Insurance and Premier Insurance Company to Start From Falgun 17
Mon, Feb 27, 2023 11:24 AM on Latest, Merger/Acquistion,
The final procedure for a merger between Siddhartha Insurance Limited (SIL) and Premier Insurance Company (Nepal) Limited (PIC) has been completed. The company had signed a merger deal at a swap ratio of 1:1.
"Siddhartha Premier Insurance Limited" has been agreed upon as the name of the new bank that will be formed as a result of the merger. The banks signed the Memorandum of Understanding (MoU) on 27th Ashad, 2079.
Likewise, in accordance with the letter from Nepal Insurance Authority and the Office of the Registrar of Companies, the merger has also gained final permission. Therefore the companies will start the joint business on Falgun 17 i.e March 01, 2023.
The paid-up capital of SIL at the present is Rs. 1,403,920,000. Meanwhile, the paid-up capital of PIC is Rs. 1,402,629,900. The total paid-up capital of the newly merged company will be Rs. 2.8 Arba.
SIL and PIC also declared dividends of 9.4737% and 15% respectively for the Fiscal Year 2078/79.
