International Dev. Bank to approve 9.5% stock dividend; 6th AGM today

International Development Bank Limited (IDBL) is holding its 6th Annual General Meeting (AGM) today (Falgun 20, 2072). The AGM is going to be held at Maitri Hall, Indreni Complex, Baneswor, Kathmandu at 11:00 AM. The main agendas of the AGM are:

• The AGM is expected to endorse 9.5% bonus share and 0.5 % cash dividend for tax purpose as proposed by the BoD of the bank.
• After issuance of bonus share to increase issued capital and paid of capital and amend article of association accordingly.
• Another main agenda is conversion of promoter – public shareholder structure to 51% promoter shares and 49% ordinary shares. After the conversion, the promoter share to ordinary share ratio of the bank will stand at 51:49 percent.
• After conversion of share ratio to elect 4 BOD member from promoter shareholder group, 3 BOD member from public shareholders group and 1 BOD from expert group to form a board of 8 member.
• To approve the merger process of Infrastructure Development Bank Ltd, International Development Bank, Apex Development Bank Ltd and Supreme Development Bank endorsing Memorandum of Understanding (MOU) between the six BFIs as agreed on the date Mangsir 11, 2072 and Poush 29, 2072.
• To approve BoD for necessary process required for MOU and DDA for Merger / Acquisition procedure.
• To amend article of association and memorandum of association as per directed by regulatory bodies.

Other agendas of the AGM are the financial highlights of 2071/72, appointment of auditor and endorse help provided to earthquake victim. International Development Bank had earned net profit of Rs. 1.72 crore in its first quarter of the current fiscal year 2072/73.