Country Dev. Bank postpones its AGM until further notice

Country Development Bank Limited (CNDBL) has postponed its 8^th Annual General Meeting (AGM). Earlier,the AGM was supposed to hold yesterday (Ashad 25, 2073). The bank has cancelled its AGM until further notice due to some internal problems. The main agendas of the AGM were:

• 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.

Trading of Country Development Bank has been suspended in Nepal Stock Exchange Limited (NEPSE) from Jestha 25, 2073 following the acquisition process. Country Development Bank had earned a net profit of Rs 4.83 crore for the third quarter of the fiscal year 2072/73.