Civil Bank to endorse 6.75% stock dividend; 5th AGM today

Civil Bank Limited (CBL) is convening its 5th Annual General Meeting (AGM) today (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 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 finance 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 is entitled to the dividend of the company. The register of their shareholders has been closed from Poush 22, 2072 till today for the purpose of its AGM. Civil bank had earned net profit of Rs. 5.87 crore in first quarter of the fiscal year 2072/73.