Joint Transaction of United Insurance Company (UIC) and Ajod Insurance (AIL) to Start From Jestha 14
Thu, May 25, 2023 11:28 AM on Latest, Merger/Acquistion,
The final procedure for a merger between United Insurance Company (Nepal) Limited (UIC) and Ajod Insurance Limited (AIL) has been completed.
"United Ajod Insurance Limited" has been agreed upon as the name of the new company that will be formed as a result of the merger. UIC and AIL signed the Memorandum of Understanding (MoU) for the merger on 29th Ashad, 2079. The present share capital of AIL and UIC is Rs. 1 Arba and Rs. 1.07 Arba respectively. The companies agreed to merge at a swap ratio of 82.50:100, implying that the number of shares of AIL shareholders will decrease by 17.5% in the newly merged company.
Likewise, in accordance with the letter from the Nepal Insurance Authority and the Office of the Registrar of Companies, the merger has also received final permission. Therefore, the companies will start the joint business on 14th Jestha, 2080.
