Three microfinance companies that haven’t been listed at the Nepal Stock Exchange (NEPSE) till date have announced to go into merger. The microfinance institutions (MFIs) going into merger are Jeevan Bikas Laghubitta Bittiya Sanstha Limited, Salva Laghubitta Bittiya Sanstha Limited and Garibi Nyunikaran Laghubitta Bittiya Sanstha Limited. The name of the new entity formed after the union will be Jeevan Bikas Laghubitta Bittiya Sanstha.
The MFIs in December received approval from the Nepal Rastra Bank for merger. Issuing a notice today, the Morang-based Jeevan Bikas has announced to hold special general meeting (SGM) on June 7. The SMG will approve the merger proposal. Jeevan Bikas, which has Rs 140 million in paid-up capital, has reported to earn Rs 272.53 million in net profit by the third quarter of the current fiscal year.