SGM of Sanima General Empowers BODs for Merger and Acquisition

Kathmandu: A special general meeting(SGM) of Sanima General Insurance (SGI) has passed the agenda for merger or acquisition to meet the regulatory capital requirement.

The SGM was held at Dhumrabarah Party Palace, Dhumbarahi on June 29 at 10 am.

The meeting has delegated authority to the board of directors(BODs) to take all the necessary action for merger and acquisition with any other non-life insurance companies.

The BODs has been given the authority to sign the memorandum of understanding(MoU) for the purpose of merger and acquisition, to appoint an accredited valuator to assess the movable and immovable property and to complete all other necessary procedures related to the merger, including fixing its remuneration.

Sanima General has a paid up capital of Rs.1 billion. The minimum regulatory paid-up capital is Rs.2.5 billion. And all the non-life insurers are supposed to meet the regulatory paid-up capital by the end of current year(mid April).

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