Century Commercial Bank’s SGM successfully conducted; approves acquisition of Sagarmatha Finance
Mon, Jul 3, 2017 10:30 AM on Latest, Featured, AGM/Special AGM, Stock Market,
Century Commercial Bank Limited successfully conducted its Special General Meeting (SGM) yesterday (Ashad 18, 2074) at World Trade Tower, Tripureswor, Kathmandu.
The SGM has approved acquisition of Sagarmatha Finance Limited by Century Commercial Bank Limited. The share swap ratio of 100:95 as calculated by the DDA report has also been approved. Now, shareholders of Sagarmatha Finance holding 100 shares will be given 95 shares of Century Commercial Bank.
Century Commercial Bank’s paid up capital currently stands at Rs 4.71 arba and after acquisition of Sagarmatha Finance, Century Commercial Bank will raise around Rs 74 crore in capital.
The bank is also in process to issue 40% (Rs 1.88 arba) right share to the shareholders of CCBL and previous shareholders of Innovative and Araniko Development Bank. However, shareholders of Sagarmatha Finance are not eligible for the right shares.
In addition, Century Commercial Bank is in process of final agreement for the acquisition of Alpine Development Bank and Seti Finance. After acquisition, Rs 50 crore more capital will be added from these two BFIs.
Century Commercial Bank will easily fulfill the paid up capital up to Rs 8 arba as directed by NRB fom the profit it earned in the current fiscal year. The number of branches of the bank will reach 90 after completion of all acquisitions.
Century Commercial Bank’s paid up capital currently stands at Rs 4.71 arba and after acquisition of Sagarmatha Finance, Century Commercial Bank will raise around Rs 74 crore in capital.
The bank is also in process to issue 40% (Rs 1.88 arba) right share to the shareholders of CCBL and previous shareholders of Innovative and Araniko Development Bank. However, shareholders of Sagarmatha Finance are not eligible for the right shares.
In addition, Century Commercial Bank is in process of final agreement for the acquisition of Alpine Development Bank and Seti Finance. After acquisition, Rs 50 crore more capital will be added from these two BFIs.
Century Commercial Bank will easily fulfill the paid up capital up to Rs 8 arba as directed by NRB fom the profit it earned in the current fiscal year. The number of branches of the bank will reach 90 after completion of all acquisitions.
