Kathmandu, July 30

After Nepal Investment Bank acquired Ace Development Bank on July 12, NIBL Capital, a subsidiary of Nepal Investment Bank has also decided to acquire Ace Capital, a subsidiary of Ace Development Bank.

According to Mekh Bahadur Thapa, chief executive officer of NIBL Capital, the company will finish the acquisition process within four months. “After we have acquired Ace Capital our capital base and number of customers also will be in a strong position,” he said at a press conference organised by NIBL Capital on the occasion of its fifth anniversary.

After joint operation between two companies commences, paid-up capital of NIBL Capital will stand at over Rs 170 million. Currently, the paid-up capital of NIBL Capital is Rs 100.15 million and paid-up capital of Ace Capital is Rs 70 million.

NIBL Capital has also planned to issue ‘NIBL Sahabhagita Yojana’, which is an open-ended scheme in the capital market. It will initially issue the initial public offering worth Rs 200 million at Rs 10 per unit and it will be traded through NIBL Capital. “It will not be registered at Nepal Stock Exchange but at CDS and Clearing Ltd,” informed Thapa. “Investors who want to buy or sell any unit under this scheme will be able to do so only through our channel.”

On the occasion of its fifth anniversary, NIBL Capital also organised a blood donation programme under its corporate social responsibility initiative. Likewise, it held an investor awareness programme. It also donated Rs 250,000 to First Ray of Hope Foundation to provide free academic sponsorship for two orphans till class 10. Similarly, it donated Rs 150,000 to ECDC Foundation to cover essential expenses for one child for one year. It also donated Rs 30,000 to Heart Beat Foundation for sponsoring lunch for five children for one year.