National Microfinance and Summit Laghubitta To Commence Joint Operation From Ashad 30
Wed, Jul 12, 2023 10:30 AM on Latest, Merger/Acquistion,
National Microfinance Laghubitta Bittiya Sanstha Limited (NMFBS) and Summit Laghubitta Bittiya Sanstha Limited (SMFDB), a licensed financial institution of the "D" category from Nepal Rastra Bank have completed the final merger procedure.
The special resolution passed by the SGMs of National Microfinance held on 3rd Ashad endorsed the swap ratio of 1:0.73, implying that for every 100 units of Summit Laghubitta shares, the shareholders will get 73-unit shares of National Microfinance’s. Likewise, in accordance with the letter from the NRB, SEBON, and the Office of the Registrar of Companies, the merger has also gained final permission.
"National Microfinance Laghubitta Bittiya Sanstha Limited" has been agreed upon as the name of the new company that will be formed as a result of the merger and the integrated business will be carried out from 30th Ashad, 2080. The companies signed the Memorandum of Understanding (MoU) on Ashwin 26, 2079.
The current paid-up capital of NMFBS is Rs. 67.46 Crores and that of SMFDB is Rs. 56.1 Crores. The total paid-up capital will reach Rs. 1.08 Arba after the merger.
After the merger, the central office of the company will be located in Banepa. Also, since the integrated business will start from Ashad 30, all branch offices of both institutions will remain closed on 29th Ashad, for data migration and other purposes.
