Kathmandu: The special general meetings of Sanima General Insurance Company and General Insurance Company have endorsed the agenda of merger with each-other.
Sanima General and General Insurance had called separate SGM today. A special resolution regarding merger has been passed by the SGM of both companies. The company of the new entity will be Sanima GIC after the completion of merger.
The due diligence audit (DDA) report prepared by SR Pandey & Co. Chartered Accountants for the purpose of merger both companies has also been endorsed by the SGM. According to the DDA report, the final approval has been given to the merger in the ratio of 1:1.
The assembly has also endorsed a proposal to locate their corporate office at Tangal, the present location of Sanima General. Both companies have also passed a special agenda to convert the promoter to public share holders ratio to 51:49.