Sanima General Insurance and General Insurance Company Nepal Calls SGM on Ashwin 11 to Endorse Merger-Related Agendas
Mon, Sep 12, 2022 8:54 AM on Latest, AGM/Special AGM, Merger/Acquistion,
Sanima General Insurance Limited (SGI) and General Insurance Company Nepal Limited (GIC) have called its Special General Meeting (SGM) on Ashwin 11, 2079 respectively. The meeting of SGI's will be held in the company's central office located in Kundalini Durbar Banquet, Chandol, Kathmandu whereas GIC's meeting will be held in Amritbhog, Kaliskasthan, Dilibazar, Kathmandu. Both the meeting will begin from 11 AM that day.
The Memorandum of Understanding (MoU) agreement had been signed between the two companies on 29th Ashad, 2079.
The companies have called their SGM to pass the resolution related to merger and approve the name that will be formed after the merger to be "Sanima GIC Insurance Ltd." There is also an agenda to endorse a share swap ratio of 1: 1 for the merger between two companies.
Furthermore, the meeting will evaluate the initial Memorandum of Understanding (MoU), Scheme of Arrangement and will appoint an auditor to prepare Due Diligence Audit (DDA) and assets/liabilities related to merger and will provide the necessary authority to the Board of Directors or the person designated by the Board of Directors to perform the necessary work related merger.
Meanwhile, there is also an agenda to convert the shareholding ratio to 51: 49 from the pre-existing 70: 30 after the companies are successfully merged.
Ashwin 06 is the book closure date. Thus, the shareholders maintained before that day are eligible to attend this SGM.
