Deva Bikas Bank and Alpine Development Bank AGM today; to approve 14% and 14.5% bonus

Deva Bikas Bank Limited (DBBL) will be convening its 10^th Annual General Meeting (AGM) today (Poush 29, 2073). The AGM is going to be held at Lainchaur Banquet, at 11:00 AM. Main agendas of the AGM are:

• To endorse 14 percent bonus share from the net profit it earned from the fiscal year 2072/73.
• After issuance of bonus share, its authorized, issued and paid up capital will increase, and amend Article of Association accordingly.

• To endorse help provided to needy people as a part of its Social Corporate Responsibility program. To authorize BOD to endorse Memorandum of Understanding (MOU) for the merger/acquisition process and appoint auditor for Due Diligence Audit (DDA).
• To amend Article of Association and Memorandum of Understanding as per directed by registrar officer or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of the FY 2072/73 and appointment of auditor. The book closure date for the AGM has been set for Poush 18, 2073 till Poush 29, 2073. Only the shares registered one trading day ahead of the book closure date i.e. Poush 17 2073 were eligible for the 14 percent bonus shares and 50 percent right share which was approved from Securities board of Nepal (SEBON) and its SGM. Deva Bikas Bank will be issuing 2:1 (50%) rights issue of 4,405,440.39 numbers of equity shares at the face value NPR 100/- from Magh 9, 2073. DBBL has earned net profit of Rs 5.06 crore in the first quarter of the current fiscal year 2073/74. Its paid up capital remains at Rs 88.10 crore. After issuance of 14% bonus & 50% right share, its paid up capital will reach Rs 1.44 arba. Similarly, Alpine Development Bank Limited (ALDBL) will also be convening its 9^th Annual General Meeting (AGM) today (Poush 29, 2073). The AGM will be held at Hotel Avocado, Hetauda at 11: 00 AM. Main agendas of the AGM are:

• To endorse 14.5 percent bonus shares and Rs 17, 33, 437 as cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• After issuance of bonus share, to issue 3:2.08 ratio right share to its existing shareholders and to amend the Article of Association accordingly.
• To increase meeting allowance of BOD members.
• To amend Article of Association and Memorandum of Ussociation as per directed by registrar officer or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of 2072/73, appointment of auditor and election of 3 BOD members from promoter shareholders group. Only those shareholders owning shares till Poush 12, 2073 were entitled to the bonus share of the company. The register of their shareholders was closed from Poush 13, 2073 till Poush 29, 2073 for the purpose of its AGM. A separate book closure date will be published for the right share. Alpine Development Bank has earned net profit of Rs 54.56 lakh in the first quarter of the fiscal year 2073/74 as per unaudited report. Its paid up capital remains at Rs 22.71 crore. After distribution of 14.5 % bonus and 69.49% right share, its paid up capital will reach to Rs 44.07 crore.