Deva Bikash Bank 9th AGM today; to approve 7.7% stock dividend

Deva Bikash Bank Limited (DEVA) is holding its 9^th Annual General Meeting (AGM) on today (Falgun 19, 2072). The AGM is going to be held at United World Trade Center, Tripureswor, Kathmandu at 11:00 AM. The main agendas of the AGM are listed below:

• To endorse 7.7 percent bonus shares and 0.405 cash dividend for tax purpose from the net profit it earned from the fiscal year 2071/70. The fractional bonus share will be rounded to the nearest whole number.
• Conversion of promoter – public shareholder structure to 51% promoter shares and 49% ordinary shares from the existing 62.88:37.12.
• To amend article of association per directed by registrar officer or the Nepal Rastra Bank.
• To endorse amount donated to the earthquake victim.
• Authorize BOD to initiate merger/acquisition process with other BFIs.

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 and 3 BOD member from public shareholders group Only those shareholders owning shares till Falgun 4 is entitled to the bonus share of the company. The register of their shareholders has been closed from Falgun 5, 2072 till today for the purpose of its AGM. DEVA had earned net profit of Rs. 3.91 crore in the first quarter of current fiscal year 2072/73 unaudited report. It’s paid up capital remains at Rs. 81.80crore. After distributing 7.7 percent bonus share it’s paid up capital will rise to Rs 88.09crore. Rising Development Bank (RDBL) and NDEP Development Bank (NDEP) had undergone 1:1 ratio merger process to form Deva Bikas Bank which has started joint operation from Ashad 25, 2072