Asian Life Insurance floats its IPO

27, Oct 2009
The stream of Primary Issues has taken up its gear in Nepalese capital market again. Just before a couple of days, Miteri Development Bank shatters the record with maximum times of demand ever in IPOs on robust of general people outlook.
Bear has strong regime in the sole secondary market where investors are wary of losing amounts day by day. Hence, people preferred the risk free and lucrative investment opportunities and primary market stands in front choice.
Amid inflation in the nation, dreary investment opportunities in capital market and profitable but highly risky commodities market, flow of money in the IPOs has transport with great enthusiasm. Investor's willingness to allot shares in their favor and expectation of high return from safe and lower investment has triggered their wealth towards IPO investment despite the feeble situation in the political and economical milieu of the nation.
From today, Asian Life Insurance Company Ltd. has issued 1080000 units of shares (including 43200 units for its employees) to the general public at face value of Rs. 100. The Insurance Company which has its registered address at Birgunj-7 of Parsa district will close its IPO on 30 October 2009 (sooner) or latter date of 10 November 2009. It has posted Rs. 3.325 million net profit for fiscal year 2064/65 and Rs. 8.438 million (un-audited) for the fiscal year 2065/66.
Forty two years old Bijay Kumar Sarawagi is the Chairman of the Company who was former Chairman of Birgunj Chamber of Commerce and Industry and Chairman of Birgunj Finance. NIDC Capital Markets Ltd. has been appointed at the issue and sales manager of Asian Life Insurance. (For Company's prospectus visit event calendar at nepalsharemarket.com).
Source: Jamb News Service