GICN signs pact

KATHMANDU: General Insurance Co Nepal (GICN) has appointed NIBL Ace Capital as its issue manager for initial public offering (IPO) of three million of its shares at Rs 100 per unit.

An agreement in this regard was signed by SK Tamot, general manager of GICN, and Mekh Bahadur Thapa, deputy chief executive officer of NIBL Ace Capital, on behalf of their respective organisations, as per a media release. GICN’s current paid-up capital stands at Rs 700 million, which will reach Rs one billion after issuance of the IPO. The company started its operation from February 7, 2018. Its head office is located at Hattisar and has been providing insurance services through 37 branch offices and 10 third-party insurance counters.