Kathmandu. Samriddhi Finance Company and Pokhara Finance have signed an agreement to merge. The two companies have signed an agreement to merge with each other on July 14.
After the merger, both companies believe that the company’s paid-up capital, loan investment, branch network, number of customers as well as quality services will be expanded across the country. The 23rd annual general meeting of Samriddhi Finance and the 27th annual general meeting of Pokhara Finance had approved the proposal to merge the two companies.
The two companies have reached an agreement to set a preliminary agreement and legal basis for the merger, to form a joint merger committee, to maintain share swap ratio, to form a board of directors after the merger, to manage the employees and to evaluate the asset liability. A six-member joint merger committee has been formed under the coordination of Sudip Ghimire. Dinesh Kumar Bartola, Binod Kumar Subedi, Til Bahadur Gurung, Pratik Gurung and Yam Bahadur Surkhali are members of the committee.
According to the initial agreement, the share ownership of both the companies has been kept equal i.e. 1:1 ratio for the purpose of merger. It has been agreed that if the DDA report is different from 10 percent, then the share swap ratio of both the organizations will be maintained after detailed discussion in the Joint Merger Committee on the application received.
The board of directors to be formed after the merger will consist of two members from the founder group, one from the general group and two independent directors from Samriddhi Finance. On behalf of Pokhara Finance, there will be one member from the founding group and two from the general group.
