Pashchimanchal Finance Company’s 21st AGM today; to endorse final agreement for acquisition by Kumari Bank Limited

Pashchimancal Finance Company Limited (PFC) is convening its 21^st Annual General Meeting (AGM) today (Chaitra 1, 2073). The AGM is being held at the company’s office in Shukhrapath, Butwal -10, Rupandehi at 10:00 AM. The main agendas of the AGM are:

1. To cancel the acquisition process of Pashchimanchal Finance Company by Kasthamandap Development Bank and to endorse the acquisition by Kumari Bank Limited
2. To endorse the Due Diligence Audit (DDA) report prepared by LDSA Associates for the acquisition by Kumari Bank, and endorse the share swap ratio.
3. To endorse the Memorandum of Understanding (MOU) and final agreement prepared for the acquisition of Paschimanchal Finance, Kasthamandap Development Bank, Mahakali Bikas Bank and Kankrebihar Bikas Bank by Kumari Bank
4. To provide authority to the BOD for completing necessary procedures for acquisition by KBL
5. To continue the tenure of current BODs until the commencement of joint operation with Kumari Bank
6. To approve the issuance of 50% right shares of KBL endorsed by Kumari Bank’s SGM conducted on Kartik 29, 2073

Trading of PFC has been on halt in NEPSE since Jestha 25, 2073. Only those shares traded before that day or registered before Falgun 17, 2073 will be eligible for participation in the AGM. Pashchimanchal Finance Company has earned net profit of Rs 1.87 crore in the second quarter of the fiscal year 2073/74. Kumari Bank Limited is acquiring PFC along with Kasthamandap Dev Bank, Mahakali Bikas Bank and Kankrebihar Bikas Bank in a share swap ratio of 100:85.