Civil Bank to endorse 6.75% stock dividend; 5th AGM on Magh 6

Civil Bank Limited (CBL) will be convening its 5th Annual General Meeting (AGM) on Magh 6, 2072. The AGM is going to be held at Tribhuwan Army Officers Club, Bhadrakali, Kathmandu. Main agendas of the AGM are:

• To endorse 6.75 bonus shares and 0.35 cash dividend for tax purpose from the net profit it earned from the fiscal year 2071/72. After the distribution of bonus share, to increase issued and paid up capital and amend the article of association accordingly.
• Another main agenda is conversion of promoter – public shareholder structure to 51% promoter shares and 49% ordinary shares. After the conversion, the promoter share to ordinary share ratio of the bank will stand at 51:49 percent.
• Authorize BOD to initiate merger/acquisition with other BFIs by endorsing Due Diligence Audit (DDA) and Memorandum of Understanding (MOU).
• To amend article of association per directed by registrar officer or the Nepal Rastra Bank.
• To approve the expenses under the title “donation amount “under the company act 2063.

Other main agendas of the AGM include financial highlights of 2071/72, appointment of auditor and to elect 5 BOD member from promoter shareholders group. Only those shareholders owning shares till Poush 21 will be entitled to the dividend of the company. The register of their shareholders will remain close from Poush 22, 2072 till Magh 6, 2072 for the purpose of its upcoming (AGM). Civil bank had earned net profit of Rs. 5.87 crore in first quarter of  the  fiscal year 2072/73.