Siddhartha Premier Insurance Limited to Start Joint Transaction from Falgun 17; Share Trading Halted

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. Hence, for the purpose of Section 9 (2) of the Merger and Acquisition Directive 2079, Act, Nepal Stock Exchange (NEPSE) has issued a circular regarding the suspension of share transaction of the company in accordance with Section 9 (3) of the Directory 2079.

As per merger agreement, "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 companies 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.