Nepal Investment Bank and Jebils Finance to convene SGM on Ashad 6 to endorse acquisition agenda; swap ratio fixed at 100:33

Nepal Investment Bank Limited (NIB) in the process of acquiring Jebils Finance Limited (JEFL) and both have announced their Special General Meeting (SGM).

Nepal Investment Bank Limited will be convening the SGM on Ashad 6, 2076 (June 21, 2019) at Nepal Academy, Kamladi, Kathmandu from 10 AM onwards. Similarly, Jebils Finance will also be convening the SGM on Ashadh 6, 2076 (June 21, 2019) at Kalimati Banquet, Kalimati, Kathmandu from 10 AM onwards.

The agenda of both the SGM is to endorse the Memorandum of Understanding (MoU) and the Due Diligence Audit (DDA) for the process of acquisition by NIB.

The swap ratio for the process of acquisition has been determined at 100:33 i.e. 100 shares of JEFL will be converted to 33 shares of NIB for the process of merger.

NIB currently has 78 branches, 9 revenue collection extension counters, 49 branchless banking units, 111 ATM outlets and 3,665 POS machines throughout the nation. Whereas, JEFL has only one branch in its network.

For the purpose of SGM, NIB has set book closure date on Jestha 29 whereas JEFL has set book closure date on Jestha 27.