Nepal Investment Bank & Ace Development Bank separate SGM on Chaitra 25; to endorse acquisition of Ace Dev Bank in share swap of 100:41

Nepal Investment Bank Limited (NIB) will be convening its Special General Meeting (SGM) on Chaitra 25, 2073. The SGM will be held at Amritbhog Caterers, Kalikasthan, Dillibazar, Kathmandu at 10:00 AM. The main agendas of the SGM are:

1. To endorse acquisition process of Ace Development Bank (ACEDBL) by Nepal Investment Bank
2. To appointed auditor, P. R. Bhandari and Company for Due Diligence Audit (DDA) report and endorsement of share swap ratio for acquisition.
3. To endorse final agreement prepared for the acquisition of Ace Development Bank
4. To endorse the appointment of auditor for DDA.
5. After acquisition of ACEDBL, the issued capital and paid up capital of the bank will change—and amend the Article of Association (AOA) and Memorandum of Association (MOA) accordingly
6. To add a clause in its MOA for collecting IPO/FPO applications under the ASBA process
7. To further amend the AOA and MOU as per directions received from regulatory authorities

The register of their shareholders will remain close from Chaitra 13 to Chaitra 25, 2073 for the purpose of this SGM. Only those shareholders having shares one trading day ahead of the book closure date i.e. till Chaitra 10, 2073 are eligible for participation in the SGM. NIB has earned Rs 1.64 arba in the second quarter of the FY 2073/74. Its paid up capital currently stands at Rs 8.70 arba. After the acquisition of ACEDBL in a share swap ratio of 100:41, its paid up capital will reach Rs 9.20 arba. Likewise, Ace Development Bank Limited (ACEDBL) is also convening its SGM on Chaitra 25, 2073. The SGM is going to be held at Lainchaur Banquet, Kathmandu at 10:00 AM. The main agendas of the SGM are:

1. To endorse acquisition of Ace Development Bank by Nepal Investment Bank (NIB)
2. To endorse the Due Diligence Audit (DDA) report prepared by the appointed auditor and endorse the share swap ratio of 100:41 for the acquisition
3. To endorse final agreement prepared for the acquisition of Ace Development Bank by NIB
4. To endorse the decisions made for acquisition by the merger committee and the BOD
5. To provide authority to the BOD for arrangements necessary for acquisition

ACEDBL’s trading has been suspended in NEPSE since Shrawan 25, 2073. Only those shareholders having shares traded before that day and registered within 7 days from today are eligible for participation in this SGM. ACEDBL has earned Rs 12.98 crore in the second quarter of the FY 2073/74. Its paid up capital currently stands at Rs 1.20 arba.