Kasthamandap Dev. Bank to endorse 23.37% bonus share; 9th AGM on Falgun 20

Kasthamandap Development Bank Limited (KDBL) will be convening its 9^th Annual General Meeting (AGM) on Falgun 20, 2073. The AGM will be conducted at Lainchaur Banquet, Lainchaur, Kathmandu at 10:00AM. The main agendas of the AGM are:

• To endorse 23.37 percent bonus share and 1.23 percent cash dividend (for tax purpose) from the net profit it earned in the FY 2073/74. And increase issued and paid up capital accordingly.
• To approve acquisition of Kasthamandap Dev 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 Kasthamandap Dev Bank, Paschimanchal Finance Company Limited, Mahakali Bikas Bank Limited and Kankrebihar Bikas Bank by Kumari Bank Limited
• 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 Kasthamandap Development Bank by Kumari Bank and to approve the provision of maintaining the BOD of Kasthamandap Development Bank as it is until the conduction of BOD election and joint operation of both companies after acquisition.
• To issue right share after acquisition process with Kasthamandap Development Bank, Paschimanchal Finance Company Limited, Mahakali Bikas Bank and Kankrebihar 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 even after the acquisition process.

The other agendas of the AGM include financial highlights of 2072/73 and appointment of auditor for the FY 207374 until the completion of acquisition process of Kasthamandap Development Bank by Kumari Bank. Only those shareholders owning shares till Magh 26, 2073 were entitled to the dividend of the company. The registrar of the shareholders will remain closed from Magh 27, 2073 till Falgun 5, 2073 for the purpose of its upcoming AGM. KDBL has earned net profit of Rs 10.17 crore in the second quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 67.98 crore. After distributing 23.37 percent bonus share, its paid up capital will rise to Rs 83.86 crore.