Nepal Investment Bank And City Express Finance To Start Joint Operation After Acquisition From Magh 11
January 24, 2021 | Investopaper
Nepal Investment Bank and City Express Finance will start joint transaction after the successful acquisition. Both the companies will operate in the name of Nepal Investment Bank on Magh 11, 2077 BS.
The acquisition received the final approval from Nepal Rastra Bank on Mangsir 19, 2077 BS. Likewise, Office Of Company Registrar and SEBON provided the approval on Poush 3 and Poush 10 respectively. Both the BFIs have already endorsed the acquisition by conducting the Special General Meeting (SGM) on Ashwin 28, 2077.
Nepal Investment Bank will acquire City Express Finance at a swap ratio of 100:30. This means that each 100 shares of City Express Finance will receive 30 shares of Nepal Investment Bank.
The initial agreement for the acquisition was signed on January 13, 2020 (Poush 28, 2076). Similarly, the final agreement between the two was signed on September 2, 2020 (Bhadra 17, 2077). The trading of shares City Express Finance has been halted after the MOU was signed between the two companies. The shares of City Express Finance last traded at Rs 101.
Previously, Nepal Investment Bank acquired Jebils Finance Limited.
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