Share Trading of United and Ajod Insurance To Be Halted from Jestha 14 For Merger-related Process
Fri, May 26, 2023 2:12 PM on Latest, Merger/Acquistion,
The final procedure for the merger between United Insurance Company (Nepal) (UIC) and Ajod Insurance Limited (AIL) has been recently completed.
Hence, as per Section 9 (2) of the Merger and Acquisition Directive 2079, Act, the Nepal Stock Exchange (NEPSE) has issued a circular regarding the suspension of share transaction of the companies from 14 Jestha, 2080 in accordance with Section 9 (3) of the Directory 2079
As per the merger agreement, "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. The companies will start the joint business on Jestha 14.
The current Chairman of Ajod Insurance Mr Ajad Shrestha will be the Chairman of the United Ajod Insurance, the new company. Meanwhile, Shrawan Rawal will take the responsibility as the CEO.
Similarly, incumbent CEO of Ajod Insurance will be appointed as the Deputy CEO of the merged company.
The present share capital of AIL and UIC is Rs. 1 Arba and Rs. 1.07 Arba respectively.
