Kathmandu: Asian Life Insurance Company Limited (ALICL) has acquired a 12.36 percent stake in the Nepal Insurance Company (NIC). The move came following the exit of IME Group from Nepal Insurance Company.
IME Group opted for exit from NIC following the suggestion of the Nepal Insurance Authority, the insurance regulatory authority, for disinvestment in one of the three general insurers Nepal Insurance, Prudential Insurance, and IME General Insurance. IME General and Prudential Insurance already transformed into IGI Prudential Insurance.
According to Nepal Stock Exchange, a total of 18,48,538 promoter shares were purchased by ALICL as the major investor in Nepal’s eldest non-life insurer. IME Group made disinvestment of IME Limited, IME Holdings Pvt Ltd, and IME Investments Pvt Ltd in NIC.
A total of 19,48,538 promoter shares were auctioned by IME Group. The remaining 1,00,000 promoter shares were purchased by Guheshwari Merchant Banking and Finance Company(GMBF), the promoter of ALICL. According to NEPSE, the shares were traded at NPR 300 per share amounting to NPR 584.5 million. The shares were sold through Sunny Securities Broker No. 42 and purchased through Dynamic Money Market Broker No. 44.