KATHMANDU: The 18th annual general meeting (AGM) of Lumbini General Insurance Ltd (LGIL) has concluded successfully.
The AGM passed a resolution regarding evaluating and endorsing the due diligence audit, memorandum of understanding, and scheme of arrangement and endorsed a share swap ratio of 100:80 for a merger between Lumbini General Insurance and Sagarmatha Insurance, as per a press release.
The meeting also approved a proposal to start the joint transaction under the name 'Sagarmatha Lumbini Insurance Company' after the successful merger of the two companies.
Furthermore, the AGM endorsed 6.99 per cent bonus shares and cash on paidup capital for the fiscal 2021-22.
A version of this article appears in the print on February 24, 2023, of The Himalayan Times.
