Kankai & Sahayogi Bikas Bank AGM on Mangisr 25 & Mangsir 11 respectively; Kankai to approve 20% bonus & 214 % right share; Sahayogi to endorse 22% bonus & 35% right share

Kankai Bikas Bank Limited (KNBL) will be convening its 10^th Annual General Meeting (AGM) on Mangsir 25, 2073. The AGM is going to be held at Marwadi Sewa Samiti, Damak, Jhapa at 11:00 AM. Main agendas of the AGM are:

• To endorse 20 percent bonus share and Rs 13, 15, 789 cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• The bank required to raise its capital up to Rs 50 crore as per NRB directives. To increase its authorized and paid up capital up to Rs 75 & 45 crore respectively and amend article of association accordingly..
• To change the shareholders structure to 51:49.
• After distribution of bonus share and maintaining shareholders structure to endorse 1:2.14 (214%) right share to its shareholders.

• To authorize BOD to endorse memorandum of understanding (MOU) for the merger/acquisition process and appoint auditor for Due Diligence Audit (DDA).
• 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 the FY 2072/73 and appointment of auditor. Only those shares registered one day ahead of the book closure date, i.e. Mangsir 9, 2073 are eligible for the bonus shares. The register of their shareholders will be closed from Mangsir 10, 2073 till Mangsir 25, 2073 for the purpose of its AGM. A separate book closure notice will be published for the right share. Kankai Development Bank has earned net profit of Rs 89.13 lakh in the first quarter of the current fiscal year 2073/74. It’s paid up capital remains at Rs 12.50 crore. After distributing 20 percent bonus share, it’s paid up will reach to Rs 15 crore. Likewise, after issuance of 214 percent right share, its paid up capital will reach to Rs 47.1 crore. Likewise, Sahayogi Bikas Bank Limited (SBBLJ) will be holding its 13^th AGM on Mangsir 11, 2073. The meeting will be held at the development bank’s Central Office, Janakpurdham at 1:00 PM. The main agendas of the meeting are:

• To endorse 22 percent bonus share and 1.16 percent cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• After distribution of bonus share, to endorse 1:0.35 (35%) right share to its shareholders.
• To authorize BOD to endorse Memorandum of Understanding (MOU) for the merger/acquisition process and appoint auditor for Due Diligence Audit (DDA).
• 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 the FY 2072/73 and appointment of auditor. Sahayogi Bikas Bank Limited and Sahara Bikas Bank signed a Memorandum of Understanding to enter into the merger process. The trading of the development banks has been halted in Nepse from May 18, 2016.