Himalayan Re collected Rs.7 billion from Promoters

Kathmandu: Himalayan Reinsurance Company has raised Rs. 7 billion ahead of the deadline given by Beema Samiti had instructed the company to raise Rs.7 billion from the promoters group. And the promoters have been able to raise the capital within 22 days.

The company has completed the construction work of the central office along with the capital.The central office will be located in Baluwatar. The company is preparing to start business by mid July. When the company starts business bymid July, it will be able to issue IPO after the audit of the Fiscal Year 2078/79. That is why the company is preparing to start business within this mid July. There’s a statuary provision that a company must have completed one FY with the AGM before applying for the approval of IPO issue.

The company has not yet appointed a chief executive officer. As it is in preparation to appoint a CEO from abroad, legal procedures should be followed for this. Labor approval must be obtained before appointing a CEO from abroad. At the same time, the Department of Labor will not give permission if it thinks that there is enough manpower in Nepal for the same designation. Similarly, permission must be obtained from Beema Samiti, the insurance industry regulatory authority.

Samiti had issued the license to Himalayan on May 30. The company had registered with the Registrar of Companies on June 7 after getting the license from the committee. The company’s paid-up capital will be Rs 10 billion. Of which, 70 percent is arranged from the promoters group and 30 percent from the public.

Industrialis and the Chairperson of Federation of Nepalese Chamber of Commerce and Industies(FNCCI), Shekhar Golchha is the chairman. The promoters group include 106 investors, including 44 private firms and companies. A limited number of people have invested through private firms.

In this company, which is a major investment of the Marwadi community, they have put forward their private firms and organizations. While Samiti had announced that it will give priority to institutional investors over individuals, Himalayan Re seems to have made the businessman’s private firm the major shareholder.

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