Kathmandu: The integrated business of IME Prudential Insurance Company, after the merger between IME General Insurance and Prudential Insurance Company, is scheduled to be kicked off from 27 Baisakh 2080. It will be the fifth successful closure of a merger deal among insurance companies.
The memorandum of understanding for the merger was signed on 29 Magh 2079 between these two companies. IME Group is the major promoter behind IME General Insurance while Vishal Group is the major promoter of Prudential Insurance. Both corporate houses have joint ventures in many companies.
The special general meeting of both companies held on 22 Chaitra 2079 endorsed the agenda for the merger. The paid-up capital will exceed NPR 3.2 billion after the integrated operation.
These two companies opted for the merger to meet the regulatory requirement of minimum paid-up capital. The minimum paid-up capital for non-life insurance companies is NPR 2 billion.
According to the merger deal, Hemraj Dhakal from IME General and Yugesh Bhakta Bade Shrestha will be the chairman of the board of directors and chief executive officer respectively.
