Gandaki Bikas Bank to endorse 19.51% bonus share & merger with Fewa Bikas Bank; 13th AGM on Poush 11

Gandaki Bikas Bank Limited (GDBL) will be convening its 13^th Annual General Meeting (AGM) Poush 11, 2073. The AGM will be 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 will be 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.