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Vibor Society AGM & Lumbini Finance SGM on Baisakh 28; to endorse merger with each other & 10% right share after completion of merger

- ShareSansar, April 21, 2017  on AGM/ Special AGM , Featured , Latest , Stock Market
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Vibor Society Development Bank (VSDBL) will be convening its Annual General Meeting (AGM) on Baisakh 28, 2074). The AGM will be held at Star Venue, Narayanchaur, Naxal at 11 AM.

Main Agendas of AGM are:

  • To authorize BOD to initiate merger process with Lumbini Leasing Finance Limited and appoint auditor for DDA.
  • After merger process the development bank’s paid up capital will increase and amend article of association accordingly.
  • To endorse the share swap ratio of Vibor Society Development Bank and Lumbini Leasing Finance at 100:80 as prepared by the Due Diligence Audit (DDA) report.
  • To endorse the final agreement and Scheme of Arrangement for the merger process.
  • After merger, the merged entity will be named as Lumbini Bikas Bank Limited.
  • To endorse10:1 (10%) right shares after completion of merger and joint operation with Lumbini Leasing Finance
  • To amend the Article of Association (AOA) and Memorandum of Association (MOA) as per instructions received from the regulatory authorities.

Other agendas of the AGM include endorsement of financial highlights of the FY 2072/73 and appointment of auditor.

Trading of VSDBL has been in halt in NEPSE since Magh 25, 2073. The registers of their shareholders has been closed on Magh 25, 2073 for the purpose of AGM. Only share registered one day ahead of book closure date i.e. Magh 24, 2073 are eligible to take part in AGM.

Vibor Society Development Bank has earned net profit of Rs. 11.23 crore in its second quarter of the current fiscal year 2073/74. Its paid up capital stand at Rs 1.81 arba.

Likewise, Lumbini Finance and Leasing Company Limited (LFLC) will be convening its Special General Meeting (SGM) on Baisakh 28, 2073. The SGM is going to be held at Baithak Event Venue, Tripureswor, Kathmandu at 11: 00 AM.

The main agenda of the SGM are:

  • To change the existing promoter public share structure from to 51:49 by transferring promoter share of promoters’ shareholders group into public shareholders.
  • To authorize BOD to initiate merger process with Vibor Society Development Bank and appoint auditor for DDA.
  • After merger process the bank’s paid up capital will increase and amend article of association accordingly.
  • To endorse the share swap ratio of Vibor Society Development Bank and Lumbini Leasing Finance at 100:80 as prepared by the Due Diligence Audit (DDA) report.
  • After merger, the merged entity will be named as Lumbini Bikas Bank Limited.
  • To endorse10:1 (10%) right shares after completion of merger and joint operation with Vibor Society Development Bank.
  • To dissolve the tenure of existing BOD member after the formation of new BOD with the completion of merger process and amend Article of Association accordingly
  • To amend Article of Association and Memorandum of Association as per directed by registrar office or Nepal Rastra Bank

Lumbini Finance has earned net profit of Rs. 3.53 crore in its second quarter of the current fiscal year 2073/74. Its paid up capital stand at Rs 55.68 crore.

 

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