Global IME Bank formally endorses FPO of 3.52 lakh units to ensure 30% public holding

ShareSansar, June 2:

Global IME Bank Limited, which has recently merged with Commerz and Trust Bank Nepal Limited, has formally decided to float a Follow on Public Offer (FPO) 3,52,140 unit shares.

Special General Meeting of the commercial bank held in Birgunj yesterday endorsed a proposal to this effect as part of the plan to ensure 30 percent of its stake to ordinary shareholders to maintain 70:30 ratio of public-ordinary share structure.
 
Though the FPO will be issued in premium rate, the rate will be approved by the special general meeting, according to bank sources.

The bank has stated that it is taking this decision as per a directive issued by the central bank.

So far the ordinary shareholders’ stake in the commercial bank is limited to 29.40 percent.

Global IME’s share trading had resume from April 30 following its merger with Commerz and Trust Bank Nepal Limited.

The merger of the two commercial bank which was endorsed by both the banks’ Annual General Meeting in March makes Global IME one of the leading banks with the largest network of branches and ATMs in the private sector.

Global IME started the integrated business from April 9.