Summit Laghubitta & Sajilo Laghubitta To Start Joint Operation After Merger From Ashwin 6
September 18, 2020 | Investopaper
Summit Laghubitta and Sajilo Laghubitta, after the successful merger, will start the joint operation from Ashwin 6, 2077. The joint operation will be in the name of ‘Summit Laghubitta Bittiya Sanstha Limited’.
Nepal Rastra Bank provided the final approval for the merger on Bhadra 7, 2077. Similarly, Office Of Company Registrar approved the merger on Bhadra 28, 2077. Both the microfinance had already endorsed the merger from their respective Special General Meeting (SGM) on Ashad 21, 2077.
The microfinance have merged in the swap ratio of 1:1. After the merger, the paid-up capital of the company has reached Rs. 39.43 crores. The new company after merger will operate as the national level microfinance.
Summit Laghubitta and Sajilo Laghubitta signed the agreement for merger/acquisition on Magh 23, 2076. Thus, the trading of shares of Summit Laghubitta was halted in Nepse from Magh 23 after the merger agreement.
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About Summit Laghubitta
Summit Laghubitta Bittiya Sanstha Limited is a ‘D’ class microfinance institution licensed by Nepal Rastra Bank. It started its operation from Jestha 6, 2066. At current, it is operating through 41 branches in 10 districts of Nepal.
At the end of Ashad 2077, Summit Laghubitta has the paid-up capital of Rs 25.43 crores. The microfinance has floated loans and advances of Rs 1.73 Arba. In the fiscal year 2076/77, the company earned a net profit of Rs 3.97 crores (based on the un-audited fourth quarterly report).
About Sajilo Laghubitta
Sajilo Laghubitta Bittiya Sanstha Limited is a ‘D’ class microfinance licensed by Nepal Rastra Bank. It was established in Magh 14, 2074 [ February 7, 2018]. At current, it is providing microfinance services through its 33 branches in 21 districts.
Sajilo Laghubitta has a paid-up capital of Rs 14 crores.
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