Apex Dev. Bank 13th AGM on Ashad 28; to endorse merger with 2 commercial & 3 development banks

Apex Development Bank Limited (APEX) will be convening its 13^th Annual General Meeting (AGM) on Ashad 28, 2073.  The AGM is going to be held at the Rajgharan Party Palace, Kamaladi, Kathmandu at 1:00 PM. Main agendas of the AGM are:

• Authorized BOD to initiate merger process with Nepal Credit and Commerce Bank Limited (NCCB) , Kumari BankLimited (KBL), Infrastructure Development Bank Limited (IDBL) , International Development Bank Limited (INDBL) and Supreme Development Bank Limited (SUPRME).
• To appoint auditor to do Due Diligence Audit for the purpose of merger process.
• The Due Diligence Audit Report (DDA) has set the value of Apex and Nepal Credit and commerce Bank which will be 100:48. To approve Share Swap ratio as 1:0.48.
• Authorized BOD to take necessary step as per the direction of regualtory bodies like company registrar office, Nepal Rastra Bank, Sebon, Nepse and CDS and clearing Limited for the merger process of Apex NCC, KBL, IDBL, INDBL and SUPRME.
• After the completion of merger process to amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of 2071/72 and appointment of auditor The registers of their shareholders will remain close on Ashad 13, 2073 to Ashad 28 2073 for the purpose of AGM. The share transaction of the banks has been halted in Nepal Stock Exchange for the following merger process. Apex Development Bank has earned a net profit of Rs 10.40 crore for the third quarter of the fiscal year 2072/73