Kankai Bikas Bank 9th AGM today; to approve 25% stock dividend

Kankai Bikas Bank Limited (KNBL) is convening its 9th Annual General Meeting (AGM) today (Poush 18, 2072). The AGM is going to be held at Marwadi Sewa Samiti Bhawan, Kathmandu at 11:00 AM. Main Agendas of the AGM are:

• To endorse 25% percent bonus share to its shareholders and 1.31 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72.
• To increase Issued and paid up capital up to Rs 12.50 crore.
• 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 finance will stand at 51:49 percent.
• Authorize BOD to initiate merger and acquisition process with other financial institutions.
• 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, appointment of auditor and endorse the help provided to earthquake victims, Only those shareholders owning shares till Mangsir 16 is entitled to the dividend of the company. The register of their shareholders has been closed from Mangsir 17, 2072 till Poush 18, 2072 for the purpose of its AGM. Kankai Bikas Bank had earned net profit of Rs 48.22 lakh in its first quarter of the fiscal year 2072/73.