Trading due by Monday: GBIME to settle close to NIC Asia, Civil below Janata

ShareSansar, April 25:

Global IME Bank Limited and Civil Bank Limited, which merged with other BFIs, are due to resume their share trading by Monday, according to the officials of these commercial banks.

“We applied with the SEBON) Securities Board of Nepal to re-list our shares for trading on Wednesday. We expect to list the shares by Monday for trading,” says Bishnu Baskota, the company secretary of Global IME, with which Commerz and Trust Bank Nepal Limited had recently merged.

An official with Civil Bank also informed that they were planning to apply for the re-listing of their bourse with Nepal Stock Exchange today itself so that the trading could resume on Sunday or by Monday.

According to the market experts, scrip of both the banks are expected to trade at circuit level for the first two to three days.

Global IME’s shares will debut at Rs 430 as per the last traded price on November 10, and would most probably close at Rs 473 on the very first day— rising by 10 percent.

“The scrip is expected to trade at the third circuit level for three days in a row, and will continue to rise steadily till it is priced close to the share of NIC Asia,” said Narendra Sijapati, president of the Brokers’ Association.

Global IME’s share price will hover around Rs 700 within a few days once it gets listed.

It may also be noted that the shareholders are further encouraged by the first three quarterly reports of Global IME for the current fiscal year.

The merger of the two commercial bank which was endorsed by both the banks’ Annual General Meeting in March makes Global IME one of the leading banks with the largest network of branches and ATMs in the private sector.

Global IME started the integrated business from April 9.

Trading of the scrip of Civil Bank Limited, which merged with Civil Merchant Bittiya Sanstha and Axis Development Bank Limited in March through special AGM, will open at Rs 138, which was its price when it was last traded on October 7 last year.

“The scrip is expected to trade at the double circuit level for a couple of days, and would eventually settle below Janata Bank,” Sijapati estimates. Janata’s scrip hover around Rs 270 as of now.

Civil Bank had started the integrated business of the merged entity from April 14.