Kathmandu: Two business conglomerates, IME Group, and Vishal Group have finally reached a deal for the merger of IME General and Prudential Insurance together for a broader and better business in the insurance industry.
Both companies signed the deal today at a formal program. Chairman of IME General Insurance, Hemraj Dhakal, and Chairman of Prudential Insurance, Vishal Agrawal signed and exchanged the memorandum of understanding (MoU) in the presence of Chairman of Nepal Insurance Authority, Surya Prasad Silwal.
Both companies reached an agreement for MoU in a bid to meet the regulatory deadline for raising paid-up capital. All the general insurers have the obligation to maintain a minimum of NPR 2.5 billion paid-up capital which is almost twice the current paid-up capital.
IME Group is one of the major promoter shareholders of IME General and Vishal Group is the major promoter shareholder of Prudential Insurance. Both groups have a very well understanding of business ventures. These two groups are the majority shareholders in Emerging Nepal Limited, Care Ratings Nepal and some other ventures. Emerging Nepal Limited is an investment company listed on Nepal Stock Exchange(NEPSE).
