Century Commercial Bank 5th AGM today; to endorse 9% bonus & 30% right share

Century Commercial Bank Limited (CCBL) is convening its 5^th Annual General Meeting (AGM) today (Magh 22, 2072). The AGM is going to be held at Army Officers’ Club, Bhadrakali, Kathmandu at 11:00 AM. Main agendas of the AGM are:

• To approve 9 percent bonus share and 0.47 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72. The fractional bonus share will be rounded to the nearest whole number.
• To issue right shares in the ratio 10:3 (30%) after the issuance of bonus share.
• To increase paid up and issued capital.
• Authorize BOD to initiate merger/acquisition process with other BFI by endorsing Due Diligence Audit (DDA) and Memorandum of Understanding (MOU).
• To amend article of association and memorandum of association as per directed by Office of Company registrar or Nepal Rastra Bank.
• To approve the work tenure of the Chairman, BOD and CEO not to extend more than 2 years.

Other Agendas of the AGM include financial highlights of 2071/72, appointment of the auditor and to elect 4 BOD members from promoter shareholders group (A). Only those shareholders owning shares till Magh 7 is entitled to the bonus share of the company. The register of their shareholders has been closed from Magh 8, 2072 till today for the purpose of its AGM. As per unaudited report CCBL had earned net profit of Rs 7.42 crore in the first quarter of the fiscal year 2072/73. It’s paid up capital remains at Rs 2.12 arba. After distributing 9 percent bonus share it’s paid up capital will rise to Rs 2.31 arba.