Kankrebihar Bikas Bank 8th AGM on Falgun 28; to endorse 19% stock dividend

Kankrebihar Bikas Bank Limited (KKBL) will be holding its 8^th Annual General Meeting (AGM) on Falgun 28, 2073. The AGM will be held at Meeting Hall of D.D.C, Surkhet at 11:00 AM. The main agendas of the AGM are:

• To endorse 19 percent bonus share and 1 percent cash dividend (for tax purpose) from the net profit it earned in the FY 2073/74.
• To increase issued and paid up capital accordingly.
• To convert the existing promoter public share structure from 60:40 to 51:49.
• To approve acquisition of Kankrebihar Bikas Bank by Kumari Bank Limited.
• To appoint auditor for preparing Due Diligence Audit report for the acquisition process of the development bank by Kumari Bank and also fix Share Swap Ratio for the same purpose.
• To approve Memorandum of Understanding (MOU) for the acquisition of Kankrebihar Bikas Bank, Paschimanchal Finance Company Limited, Mahakali Bikas Bank Limited and Kasthamandap Bikas Bank by Kumari Bank
• To authorize BOD to make necessary amendments as per directed by Office of Company Registrar, Securities Board of Nepal, Nepal Stock Exchange Limited or Nepal Rastra Bank.
• To implement Memorandum of Association of Kumari Bank after acquisition of Kakrebihar Bikas Bank by Kumari Bank and to approve the provision of maintaining the BOD of Kakrebihar Bikas Bank as it is until the conduction of BOD election and joint operation of both companies after acquisition.
• To issue right share after acquisition of Kankrebihar Bikas Bank, Paschimanchal Finance Company Limited, Mahakali Bikas Bank and Kasthamandap Bikas Bank. The agenda to issue right share will be approved by Special General Meeting (SGM) of Kumari Bank as the paid up of the bank will not be sufficient as per the requirement of Nepal Rastra Bank.

The other agendas of the AGM include financial highlights of 2072/73 and appointment of auditor for the FY 2073/74 until the completion of acquisition process of Kankrebihar Bikas Bank by Kumari Bank. The trading of Kakrebihar Bikas Bank has been halted since Ashoj 17, 2073 following the acquisition process. Only those shareholders owning shares till Ashoj 16, 2073 are entitled to the dividend of the company. KKBL had earned net profit of Rs 53.21 lakh in the second quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 6.08 crore. After distributing 19 percent bonus share, its paid up capital will rise to Rs 7.23 crore.