September 2, 2021 | Investopaper
Samaj Laghubitta Bittiya Sanstha Limited has broken the merger process with Swastik Laghubitta Bittiya Sanstha Limited. The board meeting of the microfinance held on Bhadra 16, 2078 BS [September 1, 2021] made the decision about the termination of the merger. In the Special General Meeting (SGM), the majority of shareholders were against the merger with Swastik Laghubitta.
Both the microfinance companies had signed an initial merger/acquisition agreement on Ashwin 5, 2077 BS [September 21, 2020].
Samaj Laghubitta floated Initial Public Offering (IPO) from Bhadra 4 to Bhadra 8, 2077 BS. After the issue of IPO, the paid-up capital of Samaj Laghubitta has reached Rs 2 crores.
About Samaj Laghubitta
Samaj Laghubitta Bittiya Sanstha Limited began its microfinance operation from Falgun 25, 2068. The head office is located at Malangawa, Sarlahi. The microfinance is currently operating in 3 districts.
About Swastik Laghubitta
Swastik Laghubitta Bittiya Sanstha Limited is a “D” class province level micro-financial institution licensed by Nepal Rastra Bank. The microfinance commenced its operation since Chaitra 12, 2075 [March 26, 2019] under Bank and Financial Institution Act 2017.
Swastik Laghubitta has its head office at Lahan-08, Siraha, Province 2. It is currently operating microfinance services through its 12 branch offices.