Century Commercial Bank & Innovative Dev. Bank separate AGM on Chaitra 31; to endorse acquisition of Innovative by CCBL and further 40% right

Century Commercial Bank Limited (CCBL) is going to conduct its 6^th Annual General Meeting (AGM) on Chaitra 31, 2073. The AGM will be held at Nepal Academy Hall, Kamaladi, Kathmandu at 11:00 AM. The main agendas of the AGM are:

1. To endorse 10% bonus shares from the profits it earned in FY 2072/73.
2. To endorse the share swap ratio of Century Commercial Bank, Innovative Dev Bank and Araniko Dev Bank at 100:85:90 as prepared by the Due Diligence Audit (DDA) report
3. To endorse the final agreement and Scheme of Arrangement for the acquisition of Innovative Dev Bank and Araniko Dev Bank
4. To issue 40% right share after the acquisition of Innovative and Araniko Development Bank
5. To amend the Article of Association (AOA) and Memorandum of Association (MOA) as per instructions received from the regulatory authorities
6. To increase authorized capital and issued capital to Rs 8 arba, and paid up capital to Rs 6.60 arba.
7. To endorse expenses as part of its Corporate Social Responsibility (CSR)
8. To authorize BOD for merger/acquisition with other BFIs

Other agendas of the AGM include financial highlights of the FY 2072/73 and appointment of auditor. The register of their shareholders will remain closed from Chaitra 18 to Chaitra 31, 2073 for the purpose of this AGM. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. Chaitra 17, 2073 are eligible for bonus shares and for participation in the AGM. CCBL has earned net profit of 22.39 crore in the second quarter of the fiscal year 2073/74. Likewise, Innovative Development Bank Limited (INDB) is also convening its 7^th AGM on the same day i.e. Chaitra 31, 2073. The AGM is going to be held at Hotel Nirvana, Paklihawa Road, Rupandehi at 10:00 AM. The main agendas of the AGM are:

1. To endorse 21.75% bonus shares and 1.14% cash dividend (for tax purpose) from the profits it earned in FY 2072/73
2. To endorse the share swap ratio prepared by the DDA report for acquisition by Century Commercial Bank Limited
3. To endorse the final agreement and Scheme of Arrangement for the acquisition by Century Commercial Bank Limited
4. To issue 40% right shares after acquisition and joint operation with Century Commercial Bank Limited

INDB’s trading has been suspended in NEPSE since Ashad 12, 2073 following the acquisition process. Only those shares traded before that day and registered until Chaitra 18, 2073 are eligible for bonus shares and for participation in the AGM. INDB has earned net profit of Rs 4.15 crore in the second quarter of the FY 2073/74.