The companies are starting the joint transaction following their merger.
The merger proposal of the companies was approved by February 23. Similarly, Nepal Insurance Authority approved the merger on February 28 and SEBON approved the merger on March 7.
The joint entity has been renamed as Sagarmatha Lumbini Insurance with headquarter in ward no 1, Naxal, KMC.
The companies merged with a swap ratio of 1:8 of Sagarmatha Insurance and Lumbini General Insurance.
The paid-up capital of the company will reach Rs 2.62 billion.
The board of directors of the joint entity will include three directors from both companies and one independent director. The chairman of the board will be of former Lumbini General Insuance and Chunky Chettri CEO of former Sagarmatha Insurance will be the CEO of the joint entity.
