Surya Life’s IPO

KATHMANDU: Securities Board of Nepal On Thursday gave permission to the Biratnagar-based Surya Life Insurance Company Ltd to float its initial public offering (IPO) of 10,80,000 unit shares worth Rs 100 each. The insurance company has appointed NMB Bank Ltd as the issue manager for the IPO worth Rs 108 million. NMB Bank will call the IPO soon.

NMBBL branch

Kathmandu: NMB Bank Ltd (NMBBL) opened its 11th branch at People’s Plaza located at New Road of Kathmandu metropolis on Friday. The new branch will provide modern banking services from 11 am to 7 pm on working days. It is planning to open three more branches in the current fiscal year.

Flying school reopens

KATHMANDU: Shivani Air, the country’s first flying school, resumed operations under a new management. Established in 2008, it closed last July due to mismanagement. The school had equal liability and assets of Rs 120 million at the time of closure. Manager Sulove Sharma said the new dispensation plans to start new classes with three single-engined aircraft soon. The Office of Company Registrar permitted the new management of businessman Manindra Lal Ranjitkar on February 5.

AFCL in profit

KATHMANDU: Annapurna Finance Company Ltd (AFCL) posted operating profit Rs 46.85 million in the second quarter of the current fiscal year. The profit is 48 per cent more than the same period the previous year. AFCL has deposit Rs 2.41 billion till date. The finance company has Super Savings, Ex-Army Savings, Dhukuti and Children Savings accounts targeting different classes of people.