International & Infrastructure Dev. Bank separate SGM today; to endorse merger with 5 BFIs

International Development Bank Limited (INDBL) is convening its Special General Meeting (SGM) today (Ashad 28, 2073).  The SGM is going to be held at Maitri Hall Indreni Complex, Naya Baneswor, Kathmandu at 11:00 AM. Main agendas of the AGM are:

• Authorized BOD to initiate merger process with Apex Development Bank Limited (APEX), Nepal Credit and Commerce Bank Limited (NCCB) , Kumari Bank Limited (KBL), Infrastructure Development Bank Limited (IDBL) , and Supreme Development Bank Limited (SUPREME).
• To appoint auditor to do Due Diligence Audit for the purpose of merger process.
• The Due Diligence Audit Report (DDA) has set the value of International Dev Bank and Nepal Credit and commerce Bank which will be100:73. To approve Share Swap ratio as 1:0.73.
• Authorized BOD to take necessary step as per the direction of regualtory bodies like company registrar office, Nepal Rastra Bank, Sebon, Nepse and CDS and clearing Limited for the merger process of Apex NCC, KBL, IDBL, INDBL and SUPREME.
• After the merger process to amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of 2071/72 and appointment of auditor The share transaction of the banks has been halted in Nepal Stock Exchange for the following merger process since Mangsir 13, 2072. International Development Bank has earned a net profit of Rs  5.6 crore for the third quarter of the fiscal year 2072/73. Likewise, Infrastructure Development Bank Limtied (IDBL) is convening its Special General Meeting (SGM) today.  The SGM is being held at Lainchaur Banquet, Lainchaur, Kathmandu at 11:00 AM. Main agendas of the AGM are:

• Authorized BOD to initiate merger process with Apex Development Bank Limited (APEX), Nepal Credit and Commerce Bank Limited (NCCB) , Kumari Bank Limited (KBL),) , International Development Bank Limited (INDBL) and Supreme Development Bank Limited (SUPREME).
• To appoint auditor to do Due Diligence Audit for the purpose of merger process.
• The Due Diligence Audit Report (DDA) has set the value of International Dev Bank and Nepal Credit and commerce Bank which will be100:77. To approve Share Swap ratio as 1:0.77.
• Authorized BOD to take necessary step as per the direction of regualtory bodies like company registrar office, Nepal Rastra Bank, Sebon, Nepse and CDS and clearing Limited for the merger process of Apex NCC, KBL, IDBL, INDBL and SUPREME.
• After the merger process to amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of 2071/72 and appointment of auditor Infrastructure Development Bank has earned a net profit of Rs 9.96 crore for the third quarter of the fiscal year 2072/73.