Trading of City Express Finance halted in NEPSE; Finance to be acquired by Nepal Investment Bank

Mon, Jan 13, 2020 11:07 AM on Latest, Stock Market,
Trading of...

Nepal Stock Exchange (NEPSE) has halted the transaction of City Express Finance (CEFL) from Poush 28, 2076.

Nepal Investment Bank (NIB) is going to acquire City Express Finance and the companies have signed the agreement for the same. City Express Finance Company Limited was previously named as Kuber Merchant Finance Limited (KMBSL). The name and symbol had been changed from Falgun 28, 2074. 

Prior to this agreement, NIB had acquired Jebils Finance. They commenced joint operation from Ashadh 30, 2076. NIB had acquired JEFL in a share swap ratio of 100:33. The paid-up capital of NIB was Rs 12.59 arba and of JEFL was Rs 0.84 arba. After the acquisition, the paid-up capital of NIB reached Rs 12.8 arba.

As of the first quarter of 2076/77, the paid-up capital of NIB stands at Rs 12.86 arba with reserves of Rs 10.42 arba. Similarly, the paid-up capital and reserves of CEFL stands at Rs 40.21 crore and Rs 9.23 crore respectively.