Biratlaxmi Bikas Bank and Country Development Bank separate AGM on Magh 12, to approve acquisition by Prime Commercial Bank

Biratlaxmi Bikas Bank Limited (BLDBL) will be convening its 12th Annual General Meeting (AGM) on Magh 12, 2073. The AGM will be held at Udhyog Sangathan Morang Meeting Hall, Tinpaini, Biratnagar at 11:00 AM. Main agendas of the AGM are:

• To approve 18.5 percent bonus share and cash dividend worth Rs 41, 41, 642 (including for tax purpose) from the net profit it earned from the fiscal year 2072/73.
• To increase issued and paid up capital and amend article of association accordingly.
• To approve following special agendas:

1. To approve the acquisition of Biratlaxmi Bikas Bank by Prime Commercial Bank Limited.
2. To prepare Due Diligence Audit (DDA) report and give final approval for the acquisition process.
3. To approve Scheme of Arrange for acquisition, Memorandum of Understanding, Scheme of Arrangement and other agreements required for the acquisition process.
4. To authorize BOD for necessary amendments as per the directions of Nepal Rastra Bank, Securities Board of Nepal, Nepal Stock Exchange, Nepal CDSA and Clearing Limited for the acquisition process of the development bank by Prime Commercial Bank.

Other agendas of the AGM include financial highlights of 2072/73 and appointment of auditor. Trading of Biratlaxmi Development Bank has been halted since Jestha 26, 2073 following the acquisition process. The register of their shareholders has been closed from Poush 14, 2072 till today for the purpose of its AGM. The development bank has paid up capital of Rs 42.53 crore. It has earned net profit of Rs 98.65 lakh in the first quarter of the current FY 2073/74. Similarly, Country Development Bank Limited (CNDBL) will also be holding its 9^th Annual General Meeting (AGM) on the same day (Magh 12, 2073).  The AGM will be held at K.N. Banquet, Banepa at 11:00 AM. Main agendas of the AGM are:

• To endorse 8.45 percent bonus share and 0.48 percent cash dividend (including for tax purpose) from the net profit it earned from the fiscal year 2072/73. After bonus share is issued its paid up and issued capital will increase and amend the article of association accordingly.
• To approve the acquisition of Country Development Bank by Prime Commercial Bank Limited.
• To prepare Due Diligence Audit (DDA) report and give final approval for the acquisition process.
• To approve Scheme of Arrange for acquisition, Memorandum of Understanding, Scheme of Arrangement and other agreements required for the acquisition process.
• To authorize BOD for necessary amendments as per the directions of Nepal Rastra Bank, Securities Board of Nepal, Nepal Stock Exchange, Nepal CDSA and Clearing Limited for the acquisition process of the development bank by Prime Commercial Bank.

Other main agendas of the AGM include financial highlights of 2072/73 and appointment of auditor. Trading of Country Development Bank has been suspended in Nepal Stock Exchange Limited (NEPSE) from Jestha 25, 2073 following the acquisition process. Only those shareholders owning shares till Jestha 24 are entitled to the bonus share of the company. Country Development Bank has paid up capital of Rs 35.69 crore. It had posted a net profit of Rs 4.07 lakh in the first quarter of the fiscal year 2073/74.