Lumbini General Insurance and Sagarmatha Insurance Call Out AGM to approve Merger Proposal

Feb 02, 2023 10:00 AM Merolagani

Lumbini General Insurance (LGIL)  and Sagarmatha Insurance have called out their respective AGM on February 23.

Lumbini General Insurance is conducting its 18th AGM in its Amritbhog Catering, Kalikasthan, Kathmandu at 10:00 AM. The meeting will endorse a proposal of distributing 6.99 percent stock and 0.3679 percent cash dividend to its shareholders.

Similarly, Sagarmatha Insurance is conducting its 26th AGM in Lainchaur Banquet, Kathmandu at 10 AM.

The meeting will endorse a proposal of distributing 12.40 percent stock and 0.6526 percent cash dividend to its shareholders.

Moreover, the AGM of both companies will also approve the final agreement of merger with each other. Moreover, the meeting will approve a proposal of renaming the joint entity as Sagarmatha Lumbini Insurance company and carry forward the company registration number, article of association and insurer registration number of former Sagarmatha Insurance.

Furthermore, the meetings will approve a swap ratio of 100:80 of Sagarmatha and Lumbini General Insurance.

In this regard, the companies will close their books on February 10, thus, the shareholders registered in their book till February 9 will be eligible to attend the AGM and obtain the announced dividend.

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