ADB AGM concludes; no dividends for shareholders
Thu, Jul 11, 2013 12:00 AM on Others,
ShareSansar, July 11:
The sixth annual general meeting of Agricultural Development Bank held on Asar 26 approved the financial statement for the fiscal year 2068/69, and appointed the auditor for the upcoming years.
Unfortunately, the 5.26 percent cash dividend for general shareholders and 6 percent for preference shareholders announced earlier by the ADBL did not figure as an agenda in the AGM.
The Nepal Rastra Bank refused to grant permission for the dividend mainly due to the bank’s failure to convert Rs 16.25 crore issued capital to paid up capital.
Meanwhile, the government has already decided to divest its 30% stake in the bank and bring in foreign strategic partners. Now the bank is in the process to attract foreign partners through global tender.
