Country Dev. Bank 8th AGM today; to approve 7.25% stock dividend

Country Development Bank Limited (CNDBL) is convening its 8^th Annual General Meeting (AGM) today (Ashad 25, 2073).  The AGM is going to be held at Banepa Party Venue, Banepa at 10:30 AM. Main agendas of the AGM are:

• To endorse 7.25 percent bonus share and 0.38 percent cash dividend for tax purpose from the net profit it earned from the fiscal year 2071/72. After bonus share is issued it’s paid up and issued capital will increase and to amend the article of association accordingly.
• To endorse help provided to earthquake victim.
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.
• To endorse scheme of arrangement and memorandum of understanding (MOU) for the acquisition process of Country Development Bank by Prime Commercial Bank as on Jestha 24, 2072.

Other main agendas of the AGM include financial highlights of 2071/72, appointment of auditor. Trading of Country Development Bank has been suspended in Nepal Stock Exchange Limited (NEPSE) from Jestha 25, 2073 following the acquisition process. Only those shareholders owning shares till Jestha 24 is entitled to the bonus share of the company. Country Development Bank had earned a net profit of Rs 4.26 crore for the fourth quarter of the fiscal year 2072/73.