Deva Bikas Bank & Union Finance separate SGMs today; to endorse acquisition of Union in swap ratio of 1:0.50 & issue 40% right share

Deva Bikas Bank Limited (DBBL) and Union Finance Limited (UFCL) are conducting their separate Special General Meetings (SGM) today (Asadh 29, 2074). The SGM of DBBL is being held at Lainchaur Banquet, Nepal Scout Compound, Lainchaur, Kathmandu while UFCL’s SGM is going to be held at Naxal Banquet, Naxal, Kathmandu. Both the SGMs are the following common agendas:

1. To endorse the final agreement for acquisition of Union Finance by Deva Bikas Bank
2. To appoint auditor Shyam Karki & Associates for the Due Deligence Audit (DDA).
3. To endorse the share swap ratio of 1:0.50 as prepared by the Due Diligence Audit (DDA) report
4. To provide authority to the BOD for completing the acquisition process of Union Finance.
5. After completion of acquisition process, to issue 10:4 (40%) right share to its shareholders.
6. The bank’s authorized, paid up and issued capital will increase to Rs 2.50 arba after completion of acquisition process and amend article of association accordingly.
7. To amend Article of Association and Memorandum of Association as per directed by registrar officer or Nepal Rastra Bank.

Deva Bikas Bank has set Asadh 23, 2074 till Asadh 29, 2074 as the book closure date for the purpose of this SGM. Likewise, shareholders of Union Finance who have traded shares till Chaitra 9, 2073 are eligible for participation in the SGM. DBBL has earned net profit of Rs 19.90 crore in the third quarter of the fiscal year 2073/74. It is acquiring Union Finance, Sahara Bikas Bank and Sajha Bikas Bank.