18th AGM of NIC Asia Bank endorses 39% stock dividend & issuance of 25% right share

NIC Asia Bank Limited (NICA) convened its 18^thAnnual General Meeting (AGM) today (Magh 10, 2072). The AGM was held at Udhyog Sangathan Morang Meeting Hall, Sahidmarg, Tinpaini, Biratnagar at 11:00 AM. The program was chaired by Mr. Jagdish Prasad Agrawal, chairman of NIC Asia. AGM endorsed following agendas:

• Approved 39 percent bonus share and 2.05 percent cash dividend from the net profit it earned from the fiscal year 2071/72.
• Authorized BOD to issue 4:1 (25%) right share after the issuance of bonus share
• Authorized BOD to initiate merger/acquisition with other BFIs by endorsing Due Diligence Audit (DDA) and Memorandum of Understanding (MOU).
• Increased Authorized issued and paid up capital and amend the article of association accordingly.
• Authorized BoD to amend article of association and memorandum of association, if any, as per directed by Office of Company Registrar or Nepal Rastra Bank.
• Endorsed help provided to earthquake victim of Rs 25.51 lakh.

Other Agendas approved by the AGM include financial highlights of 2071/72 and appointment of auditor. Currently NICA has a paid up capital of Rs 2.65 arba. After the issuance of 39 % bonus shares, its paid up capital will reach to Rs 3.69 arba. NIC Asia Bank had earned net profit of Rs 15.73 crore in its first quarter of the fiscal year 2072/73.