Neco Insurance's AGM today to endorse merger with Premier

Neco Insurance's AGM today to endorse merger with Premier; first of its kind in Nepal

ShareSansar, March 13:

Neco Insurance Limited is holding its Annual General Meeting today to endorse a special proposal for its merger with Premier Insurance Company Limited, inter alias.
 
The AGM being held at Nepal Staff College, Jawalekhel in Lalitpur will also appoint the insurer’s auditor for the current fiscal year 2070/71.

Neco and Premier Insurance had signed a memorandum of understanding in November end for the merger.

This is the first merger process between any two insurance companies in Nepal.

Following the MoU, both the insurance companies even filed an application for the LOI at the Insurance Board in December.

Nepal Stock Exchange Limited (NEPSE) then suspended the trading of the shares of both the companies due to the merger process.

The officials of both the companies have said that their capital base as well as all other financial and organizational aspects will be better after the merger.

Notably, Neco Insurance has posted net profit of Rs.3.74 crore in the last fiscal year 2069/70.