Global IME Bank & Reliable Dev. Bank separate SGM on Ashad 9; to approve acquisition of Reliable by Global IME Bank

Global IME Bank Limited (GBIME) and Reliable Development Bank Limited (REDBL) have called for their separate SGMs (Special General Meeting) to endorse final approval for the acquisition of GBIME by REDBL. GBIME has called for SGM on Ashad 9, 2074 at Celebration Banquet, Naxal, Kathmandu while REDBL’s SGM will be conducted on Regency Banquet, Gyneswor, Kathmandu on Ashad 9. Both the SGMs have the following common agedas:

1. To authorize BOD to endorse acquisition of Reliable Development Bank by Global IME Bank Limited.
2. To approve the acquisition of the two BFIs by endorsing the Due Diligence Audit (DDA) report and the share swap ratio fixed for the acquisition.
3. To provide final MOU agreement after the acquisition of Reliable Development Bank by Global IME Bank.
4. After the acquisition with Reliable development Bank, issued capital and paid up capital will increase and to amend the article of association accordingly.
5. To amend article of association and memorandum of association as per directed by registrar office or Nepal Rastra Bank.

REDBL's register of their shareholders was closed on Ashwin 14, 2073 for the purpose of its SGM. Trading of REDBL is in halt at Nepal Stock Exchange Limited (NEPSE). REDBL has earned net profit of Rs 12.49 crore in the third quarter of the fiscal year 2073/74 as per unaudited report. Its paid up capital stand at Rs 1.01 arba. Similarly, GBIME has earned net profit of Rs 1.47 arba in the third quarter of the fiscal year 2073/74 as per unaudited report. Its paid up capital stand at Rs 7.24 arba.