Kathmandu: The rigidity of promoters couldn’t bring a fruitful result of the meeting held among Nepal Insurance, IME General Insurance, and Prudential Insurance. The meeting was held on Wednesday at the office of the chairman of the Nepal Insurance Board.
Authority had facilitated the triparty meeting but the common decision couldn’t be taken amid the rigidity of the promoters of all these three companies over the share swap ratio. Authority has been consistently insisting on these companies for merger or acquisitions amid cross-holding of the promoters. IME Group has cross-holding in Nepal Insurance Company and IME General Insurance Company. Similarly, Bishal Group has a stake in Prudential Insurance and Nepal Insurance.
Authority has provided another 7 days deadline for the promoters of these three companies to reach an understanding for merger and acquisition.
We have instructed them to reach a common understanding, Chairman of Insurance Authority Surya Prasad Silwal said, Once they put forward their own demand we will take necessary action accordingly.
