Bank of Kathmandu Lumbini 22nd AGM today; to endorse 23% bonus, FPO for promoters & to change its name back to “Bank of Kathmandu Limited”

Bank of Kathmandu Lumbini Limited (BOKL) is convening its 22^nd AGM today (Chaitra 3, 2073) at Nepal Academy (Pragya Pratisthan), Kamaladi, Kathmandu at 10:00 AM. The main agendas of the AGM are:

1. To endorse 23% bonus share for the FY 2072/73, and increase issued capital and paid up capital accordingly
2. To endorse amendment of Article of Association and Memorandum of Association as per directions received from regulatory authorities
3. To endorse the following merger-related agendas:
   1. To change the name of the company from “Bank of Kathmandu Lumbini Limited” back to “Bank of Kathmandu Limited”
   2. To issue FPO of 62,08,132 units promoter shares at a premium price and maintain its promoter – public shareholding structure at 51:49 (general public also eligible to apply for promoter shares)
   3. To provide authority to BODs to amend the Article of Association and Memorandum of Association after the issuance of FPO shares as per the recommendations received from regulatory authorities
4. To elect 4 directors from promoters side and 4 from general public side

Other agendas of the AGM include endorsement of financial highlights of the FY 2072/73 and appointment of auditor for the FY 2073/74. The register of the shareholders has been closed from Falgun 15 to Chaitra 3, 2073 for the purpose of this AGM. Only those shares traded one trading day ahead of the book closure date i.e. on Falgun 12, 2073 are eligible for the above mentioned bonus shares and for participation in the meeting. BOKL has earned net profit of Rs 60.14 crore in the second quarter of the FY 2072/73. Its paid up capital after capitalization of 23% bonus stands at Rs 5.62 arba. After the issuance of 62.08 lakh units FPO shares for promoters, its paid up capital will reach Rs 6.24 arba. As per NRB’s directive for all commercial banks to increase their paid up capital to a minimum of Rs 8 arba by the end of FY 2073/74, BOKL will need to issue a further capital hike of around 28%.