NIBL Capital, Ace Capital to merge
Kathmandu, November 9
NIBL Capital Markets and Ace Capital Ltd are set to merge soon. The two merchant bankers signed a memorandum of understanding (MoU) to that effect today. Sachin Tibrewal, chairman of NIBL Capital, and Rabin Sijapati, chairman of Ace Capital, signed the MoU on behalf of their respective organisations.
NIBL Capital and Ace Capital are both working as subsidiary companies of Nepal Investment Bank Ltd (NIBL), after NIBL acquired Ace Development Bank. According to a press release issued by NIBL Capital Markets, after the merger is completed the paid-up capital of the merged entity will stand at Rs 270 million.
As per Mekh Bahadur Thapa, general manager of NIBL Capital Markets, they have planned to begin joint operations within the next two months. “After a special annual general meeting is held we will start joint operation,” he informed.
Earlier, the Securities Board of Nepal (SEBON) — the capital market regulator — had directed the two merchant bankers to merge as their parent companies had already merged.
“We had planned to begin the merger process earlier and when the regulator gave us the directive to do so it made our work easier,” Thapa said.
NIBL Capital Markets is providing all the five types of services — issue management, share registration, securities underwriter, portfolio manager and institutional adviser to costumers — as per criteria set by SEBON.