Kumari Bank to endorse 21% bonus & right share worth Rs 1.19 arba; 16th AGM today

Kumari Bank Limited (KBL) is convening its 16^th Annual General Meeting (AGM) today (Chaitra 9, 2073). The AGM is being held at Trade Tower Business Center, Thapathali, Kathmandu at 11:00 AM. Main agendas of the AGM are:

• To endorse 21 percent bonus share and 1.10 percent cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• To endorse the final agreement and Due Diligence Audit (DDA) report prepared for the acquisition of Kasthamandap Development Bank Limited, Paschimanchal Finance Company Limited, Mahakali Bikas Bank Limited and Kankrebihar Bikas Bank Limited.
• To endorse the share swap ratio fixed in the DDA report
• To endorse further right shares worth Rs 1,19,38,99,165 to its shareholders after joint operation and provide authority to the BOD for calculation of ratio of the right share
• After completion of acquisition process and distribution of bonus share, to amend Article of Association and Memorandum of Association as per directed by Office of Company Registrar or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of the FY 2072/73 and appointment of auditor. The register of their shareholders will remain closed from Falgun 20, 2073 till Chaitra 9, 2073. Only those shares registered one day ahead of the book closure date, i.e. Falgun 19, 2073 are eligible for both 21% bonus and its ongoing 50% right shares. KBL has earned net profit of Rs 27.93 crore in the second quarter of the fiscal year 2073/74 as per its unaudited report. Its paid up capital currently stands at Rs 2.69 arba and is acquiring the above 4 BFIs in a share swap of 100:85. After the issuance of 50% right and 21% bonus shares, its paid up capital will reach Rs 4.61 arba.