Kathmandu: Himalayan General Insurance has convened a special general meeting on June 15. The Board of Directors meeting held on Sunday (May 3) has decided to hold a special general meeting.
A proposal to merge with Everest Insurance is being tabled at the meeting. The meeting will start at 11 am at Airport Hotel, Kathmandu. Trading in shares of Himalayan General Insurance and Everest Insurance is currently suspended.
After the merger of Himalayan and Everest Insurance, the share trading of both has been stopped. A merger agreement was signed between the two companies on April 6. Currently, Himalayan General has a paid up capital of Rs 1.17 billion and Everest Insurance has a paid up capital of Rs 1.25 billion.
These insurance companies have chosen the path of merger to raise the capital specified by the Insurance Committee.
It is also the first merger agreement between an insurance company. The committee has increased the paid-up capital of non-life insurance companies from Rs 1 billion to Rs 2.5 billion.