Kamana Bikas Bank & Kaski Finance SGM today; To approve merger with each other

Kamana Bikas Bikas Bank is holding its Special General Meeting (SGM) today. The SGM is being held at Hotel Pokhara Grand, Pardi Birauta, Pokhara at 9:30 AM. Main agendas of the SGM are:

• To approve the merger of Kamana Bikas Bank and Kaski Finance Limited by endorsing Due Diligence Audit Report (DDAR) and Share Swap Ratio.
• To end the work tenure of the existing BOD members and approve of the work tenure of new BOD after the merger process.
• After the merger process, the new merged entity will be named as Kamana Bikas Bank Limited and the logo of the new entity will be of Kaski Finance Limited.
• To authorize the BoD members to initiate and make decisions regarding possible merger and acquisitions with other BFIs
• To increase issued and paid up capital of the development bank.

Other Agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. Kamana Bikas Bank had earned net profit of Rs. 4.36 crore in its second quarter of the fiscal year 2072/73. Likewise, Kaski Finance Limited is also convening its Special General Meeting (SGM) today. The SGM is being held at Hotel Pokhara Grand, Pardi Birauta , Pokhara at 9:00 AM. The SGM has following main agendas:

• To approve proposal from Board of Directors on merger process between Kaski Finance Limited and Kamana Bikas Bank Limited.
• To approve the merger of Kaski Finance Limited and Kamana Bikas Bank by endorsing Due Diligence Audit Report (DDA) and Share Swap Ratio.
• To authorize the BoD members to initiate and make decisions regarding possible merger and acquisitions with other BFIs
• To endorse members from Kaski Finance in BOD after the merger process between Kaski Finance Limited and Kamana Bikas Bank.
• To end tenure of the existing BOD members and approve tenure of new BOD after the merger process.
• After the merger process, the new merged entity will be named as Kamana Bikas Bank Limited and the logo of the new entity will be of Kaski Finance Limited.
• To amend the article of association and memorandum of association as directed by Nepal Rastra Bank.

The others agendas of the meeting are to approve financial highlights of 2071/72 and appointment of auditor. Kaski Finance Limited had earned net profit of Rs.3.77 crore in second quarter of the fiscal year 2072/73. Share transaction of Kamana Bikas Bank and Kaski Finance Limited has been halted for the merger process from Shrawan 18, 2072.