Global IME’s special general meet on June 1 to endorse FPO of 3.52 lakh units

ShareSansar, May 16:

Global IME Bank Limited, which has recently merged with Commerz and Trust Bank Nepal Limited, has summoned its Special General Meeting on June 1 to pass a proposal to ensure 30 percent of its stake to ordinary shareholders.

The special meeting to be held at Hotel Vishwa in Birgunj sub-metropolis will endorse a proposal to issue an FPO of 3,52,140 units to maintain the 70:30 ratio of public-ordinary share structure, according to a notice issued by the commercial bank today.

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.

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