Araniko Dev. Bank SGM today; to endorse acquisition with Century Commercial Bank

Araniko Development Bank Limited (ARDBL) is convening its Special General Meeting (SGM) today (Chaitra 31, 2073). The AGM is being held at Mount Princess Hotel Pvt Ltd, Dhulikhel, Kavre at 11 AM. Main Agendas of SGM are:

• To authorize BOD to initiate acquisition process of Araniko Development Bank Limited by Century Commercial Bank Limited.
• To endorse the share swap ratio of Century Commercial Bank and Araniko Dev Bank at 100:90 as prepared by the Due Diligence Audit (DDA) report.
• To endorse the final agreement and Scheme of Arrangement for the acquisition by Century Commercial Bank Limited.

• To amend the Article of Association (AOA) and Memorandum of Association (MOA) as per instructions received from the regulatory authorities.
• To issue 40% right shares after acquisition and joint operation with Century Commercial Bank Limited.

ARDBL’s trading has been suspended in NEPSE since Kartik 1, 2073 following the acquisition process. Only those shareholders having shares traded before that day are eligible for participation in the SGM. Araniko Development Bank Limited had earned Rs 3.67 crore up to the second quarter of the current fiscal year 2073/74. Its last traded price stood at Rs 370 as on October 16, 2016.