Yeti Airlines gets new partner Asian Life, Subhas Sapkota appointed new CEO

KATHMANDU, Oct 18:A new partner has entered in Yeti Airlines. Asian Life Insurance formally entered Yeti Airlines on Monday, acquiring 49 percent of the shares.

The CEO of Yeti Airlines has also changed. Subhas Sapkota has been appointed as the new CEO of Yeti Airlines Company Limited, effective Monday. Sapkota previously worked for F1Soft.

Yeti Airlines has brought in a new partner for the IPO. Yeti Airlines will now issue an IPO to the general public within a year of completing the relevant procedures. 

Yeti Airlines, a domestic airline, has gone public company after 25 years.

On August 29th, Asian Life Insurance received clearance from the Nepal Insurance Authority to invest 49 percent in Yeti Airlines. Following that approval, Asian Life became the first insurance firm to invest in the aviation business.

The investment plan proposed by Asian life  was approved as it was within the guidelines. Before the authority, Asian life asked permission for the investment of 1 billion 75 million rupees, which will be 49 percent. Accordingly, the authority also gave permission.

Yeti Airlines' current paid-up capital is Rs 2.1 billion. Asian Life Insurance would invest 1 billion 750 million rupees by purchasing 49 percent of the company, according to the authority's clearance. Asian Life Insurance would invest 1 billion 750 million rupees, with a premium of 70 rupees added to 100 rupee shares.