Sanima Life Insurance & Reliance Life Insurance ink preliminary merger agreement

KATHMANDU: Reliance Life Insurance Limited and Sanima Life Insurance Company have entered into a preliminary merger agreement.

The two companies signed a preliminary agreement for the merger on Wednesday morning.

Bharat Kumar Todi, Director on behalf of Reliance Life Insurance and Ghanshyam Thapa, Director on behalf of Sanima Life Insurance, signed the preliminary agreement during a function in Kathmandu.

It is stated that a preliminary agreement has been made to maintain the swap ratio of 1:1 after valuation of the liabilities and assets, if not otherwise.

Rakesh Pokharel, CEO, Reliance Life Insurance and Agam Mukhiya, CEO, Sanima Life Insurance were present at the signing ceremony.

The draft Memorandum of Understanding on merger with Sanima Life Insurance was approved at the meeting of the Board of Directors of Reliance Life at 8 am today.

Similarly, it was decided to authorize Bharat Kumar Todi, a member of the Board of Directors, to sign the agreement and complete the necessary process.