Jeevan Bikas Laghubitta, Unique Nepal Laghubitta, and Manushi Laghubitta have successfully passed their merger proposal through a special general meeting.
The Special General Meeting (SGM) of Jeevan Bikas Laghubitta Bittiya Sanstha has unanimously approved the proposal to merge with Unique Nepal Laghubitta and Manushi Laghubitta. The meeting was held at the central office in Katahari, Morang, where the chairman of the board of directors, Bikram Raj Subedi, presented the merger proposal. These three microfinance companies had previously signed the merger agreement on Chaitra 28.
New Name and Head Office of the Merged Entity
The SGM decided that after the merger is complete, the name of the joint company will remain “Jeevan Bikas Laghubitta Bittiya Sanstha Limited”. The main head office will be located at Katahari Rural Municipality-2 in Morang. Meanwhile, the current central offices of Unique Nepal Laghubitta and Manushi Laghubitta will be changed into provincial offices.
The shareholders also approved the decision to make Sanjay Kumar Mandal, who is currently the CEO of Jeevan Bikas, as the Chief Executive Officer (CEO) of the merged institution. The SGM also accepted progress report of the board regarding merger process and approved all the works done until now. Additionally, the board of directors has been given the authority to negotiate or go for merger and acquisition with other microfinance companies in future if needed.
Capital and Branch Network Expansion
Currently, Jeevan Bikas Laghubitta has a paid-up capital of Rs. 1 arba 75 crore 12 lakh 32 thousand, while Unique Nepal has Rs. 14 crore 85 lakh 75 thousand, and Manushi Laghubitta has Rs. 10 crore 93 lakh 97 thousand. After the merger process completes, the total paid-up capital of the joint institution will reach Rs. 1 arba 98 crore 84 lakh 4 thousand 312.
Once the joint transaction begins, the working area of the company will expand all over the country, except for Karnali Province. The total number of branches will reach 233 across six provinces. Currently, Jeevan Bikas is providing services in 31 districts, Unique Nepal in 10 districts, and Manushi Laghubitta in 14 districts.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
COMMENTS