Promoter Shares of Srijana Finance (SFFIL) Converted; What is the New Shareholding Ratio?

7,70,263 units promoter shares of Srijana Finance Limited (SFFIL) are now converted to ordinary shares. The promoter: public shareholding ratio of the company is now 52: 48.

Citizens Bank International Limited (CZBIL) and Srijana Finance Limited (SFFIL) have signed the final agreement for the acquisition of the latter by the former on Jestha 11 in the share swap ratio of 100:95. The 367th meeting of the board of directors of Citizens Bank held on Ashar 15 has declared Ashar 24 as the book closure date for the joint operation of CZBIL and SFFIL.

The trading of SFFIL was actually halted in NEPSE because the company had signed a Memorandum of Understanding (MoU) for merger and acquisition with Sunrise Bank Limited. For some reason, it seems that this particular deal could not come to fruition. The finance company is now being incorporated into Citizens Bank. The preliminary acquisition agreement was signed on Magh 28 between BoD of the bank Mr. Prabal Jung Pandey and BoD of the finance company Mr. Subash Acharya amid a program. SFFIL is a finance company with its central office in Bhanu Tole, Ward 09, Biratnagar. Meanwhile, Citizens Bank has its registered office in Narayanhiti, Kathmandu. The revamped bank will have a deposit figure of Rs 1.37 Kharba, a loan disbursement figure of Rs 1.21 Kharba, 189 branches in its network, and a paid-up value of Rs 12.58 Arba.