Gandaki Bikas Bank & Hama Merchant AGM today; to endorse 19.57% & 12% bonus share respectively

Gandaki Bikas Bank Limited (GDBL) is convening its 13^th Annual General Meeting (AGM) today (Poush 11, 2073). The AGM is being held at Hotel Barahi, Lakeside Pokhara at 9:00 AM. The main agendas of the AGM are:

• To endorse 19.57% bonus share and 1.03% cash dividend (for tax purpose) from the net profit it earned in the fiscal year 2072/73.
• To increase capital after bonus share distribution.
• To dismiss the decision of election of Chairperson, Board of Directors (BOD), Chief Executive Officer (CEO) not more than two times.
• To authorize BOD for necessary amendments in Article of Associations.
• To change the promoter public share structure ratio from existing 70:30 to 51:49 and convert 19% promoter share tradable in the secondary capital market. The Company’s 175^th BOD meeting held on Shrawan 31, 2073 had approved to change the share structure. Also Nepal Rastra Bank (NRB) approved the agenda on Kartik 2, 2073.
• To complete the final merger agreement between Gandaki Bikas Bank and Fewa Bikas Bank to form merged entity named ‘Gandaki Bikas Bank Limited’ and to authorize BOD for further merger and acquisition process with other Bank and Financial Institutions (BFIs).

Other agendas of the AGM include financial highlights of the FY 2072/73, appointment of auditor and approve the tenure of 6 BOD members from promoter shareholders group until the joint transaction of Gandaki and Fewa Bikas Bank. Trading of Gandaki Bikas Bank Limited (GDBL) and Fewa Bikas Bank Limited (FBBL) has been suspended from September 11, 2016 in Nepal Stock Exchange Limited (NEPSE) for the merger process. The register of their shareholders was closed from Mangsir 27, 2073 till Poush 11, 2073 for the purpose of its AGM. Gandaki Bikas Bank has earned net profit of Rs 3.25 crore in the first quarter of the current fiscal year 2073/74. Its paid up capital remains at Rs 53.85 crore. 11th AGM of Hama Merchant on Poush 11; to approve 12% bonus share Similarly, Hama Merchant and Finance Limited (HAMA) is convening its 11^th Annual General Meeting (AGM) today (Poush 11, 2073). The AGM is being held at Baithak Event Venue, Tripureshwor, Kathmandu at 11:00 AM. The main agendas of the AGM are:

• To endorse 12% bonus share and cash dividend worth Rs 13, 95,789. 47 to its shareholders from the net profit it earned in FY 2072/73.
• After bonus share distribution, to increase issued and paid up capital and amend Article of Association accordingly.
• To authorize BOD to endorse Memorandum of Understanding (MOU) for the acquisition process of Hama Merchant by Civil Bank.
• To authorize BOD for necessary amendments as prescribed by the company’s registrar office, Nepal Rastra Bank and other concerned authorities.

Other agendas of the AGM include financial highlights of FY 2072/73, appointment of auditor and election of 3 BOD members from public shareholders group. The trading of Hama Merchant Finance has been halted in Nepal Stock Exchange Limited (NEPSE) since Bhadra 19, 2073. Thus the same date was regarded as book closure date. Only those shareholders owning shares till Bhadra 16, 2073 were entitled to the dividend of the company. HAMA had earned net profit of Rs 34.48 lakh in the first quarter of the FY 2073/74.