Kathmandu: The 13th annual general meeting (AGM) of Gurans Life Insurance along with special general meeting(SGM) of Prime Life Insurance, and Union Life Insurance concluded with the endorsement of the agenda for merger with each other.
The SGM of Prime Life Insurance and Union Life Insurance was held today at Agrawal Bhawan, Kathmandu, and Tiger Palace Resort Bhairahawa respectively. Whereas the 13th AGM of Gurans Life was held on Wednesday at its corporate office Raj Bhawan, Tinkune, Kathmandu. The general meeting of these three insurers endorsed the proposal for the conduction of integrated business to conclude the merger with each other, and the proposed company name after the business integration.
The 13th AGM of Gurans Life endorsed the proposed 13.27 percent stock dividend. The shareholders have to pay the capital gain tax against the stock dividend. A proposal to increase the issued, authorized, and paid-up capital of the company has also been passed by the AGM.
The three insurers have agreed to merge at a swap ratio of 1:1. These companies will be transformed into Himalayan Life Insurance Company.
