9th AGM of Muktinath to endorse 31% bonus & 50% right share

Muktinath Bikas Bank Limited (MNBBL) convened its 9th Annual General Meeting (AGM) today (Poush 28, 2072). The AGM was held at Hotel Pokhara Grand, Pardi, Birauta, Pokhara at 8:30 AM.

Following Main agenda were endorsed through AGM are:

• 31 percent bonus share from the net profit it earned from the fiscal year 2071/72.
• Issuance 2:1(50%) right share, After issuing bonus share
• Increase the authorized capital to Rs 2.50 arba. Also after issuance of bonus and right share to raise issued and paid up capital up to Rs 1 arba 25 crore from the existing Rs. 64 crore 25 thousand.
• Authorize BOD to initiate the merger/acquisition process with other financial institutions.
• Amend the article of association as directed by Office of Company Registrar or the Nepal Rastra Bank.

Other Agendas endorsed by the AGM include financial highlights of 2071/72, 1.63% cash dividend for the tax purpose and appointment of auditor.

4 BOD members from promoter shareholders group and 3 BOD members from public shareholders group were elected. Mr. Min Prasad Gurung, Mr. Prakash Prasad Shrestha, Mr. Khim Prakash Malla and Mr. Narayan Kumar Shrestha were uncontested for the post of director from promoters shareholder where as Mr. Narayan Prasad Poudel, Mr. Chuda Mani Kandel and Mr. Gajendra Man Shrestha were elected as director from ordinary Shareholder group. The first BoD meeting held after election, elected Mr. Gurung as the Chairman of BoD.

Ten center running under Microfinance program of MNBBL were felicitated with cash and certificate for their outstanding performance.

MuktinathBikas Bank has earned a net profit of Rs 6.85 in the current fiscal year. It’s paid up capital remains at Rs. 54 crore. After 31 percent bonus it’s paid up capital will rise to Rs. 70.74 crore.