Summit Microfinance & Asian Life Insurance 100% & 50% right shares respectively added in SEBON pipeline for approval

Summit Microfinance Development Bank Limited (SMFDB) and Asian Life Insurance Company Limited (ALICL) have been added in Securities Board of Nepal (SEBON) pipeline to seek approval for the issuance of 1:1 (100%) and 2:1 (50%) right shares respectively. Summit Microfinance Development Bank’s 8^th AGM had approved to issue 100% right share to its shareholders. Sanima Capital Limited has been appointed as its issue manager for issuing 100% right share. The microfinance company will be floating 7.25 lakh units worth Rs 7.25 crore right shares. SMFDB earned net profit of Rs 3.81 crore in the third quarter of the current fiscal year 2073/74. It has a paid up capital of Rs 7.25 crore. The company had issued 45% bonus share to its shareholders for the FY 2072/73. After issuance of 100% right share, its paid up capital will reach Rs 14.50 crore. Asian Life Insurance will be issuing 50% (2:1) right share i.e. 40,27,966 units to its shareholders. The insurance company’s 8^th & 9^th AGM held on Chaitra 17, 2073 had approved to issue 50% right share to its shareholders. NIBL Capital Markets Limited has been assigned as its issue manager for issuing 50% right share. ALICL had earned Rs 2.96 crore in the third quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 80.55 crore. After the issuance of 50% right share, its paid up capital will reach Rs 1.20 arba.