Lumbini Bank 18th AGM today; to endorse 15% stock dividend, merger with BOK in process

Lumbini Bank Limited (LUBL) is holding its 18th Annual General Meeting (AGM) today (Baisakh 27, 2073). The AGM is going to be held at Udhyog Banijya Sangh, Narayangad, Chitwan at 9:00 AM. The main agenda of the AGM are:

• To endorse 15 percent bonus share to its shareholders from the net profit earned in the last fiscal year 2071/72.
• To increase authorized capital up to Rs 5 arba.
• After bonus share is issued its paid up capital will increase and amend the article of association accordingly.
• To approve share swap ratio by completing Due Diligence Audit (DDA) for the merger process between Lumbini bank and Bank of Kathmandu.
• To provide final approval for the merger of Lumbini Bank and Bank of Kathmandu by endorsing Memorandum of Understanding (MOU).

• After completing merger process authorize BOD to amend article of association and memorandum of understanding as per directed by registrar officer or the Nepal Rastra Bank.

Other main agendas of the AGM include financial highlights of 2071/72, appointment of auditor and to endorse help provided to earthquake victim of Rs 1.02 crore. Lumbini bank has earned net profit of Rs 18.14 crore in the second quarter of the fiscal year 2072/73. It’s paid up capital remains at Rs 2 arba. After distributing 15 percent bonus share it’s paid up capital will rise to Rs. 2.3 arba. Share transaction of Lumbini Bank and Bank of Kathmandu has been halted for the merger process from December 24, 2016.