Machhapuchchhre Bank postpones AGM; Dividend endorsement and BOD election deferred; Interim Dividend proposed

The 432nd meeting of the BOD of Machhapuchchhre Bank Limited (MBL) has postponed the 22nd AGM of the company.

The AGM was scheduled to be held on Kartik 6, 2077 at Hotel Pokhara Grande, Pardi, Pokhara from 11 AM. However, because the date overlaps with Dashain, Nepal's important and festive time, the AGM had to be canceled. It is canceled also because the rising spread of coronavirus in the country poses a health risk at such gathering.

Among other agendas, the AGM would endorse a 7.03% bonus shares and 3.37% cash dividend (including tax) proposed for the fiscal year 2076/77. Now, the bank has proposed an interim dividend of 2.85% as a cash dividend. This means that MBL will distribute the 2.85% cash dividend first and later endorse the dividend via its 22nd AGM. 

The AGM would also elect 3 board members from the public shareholders' group. The company had already unveiled a detailed program for the same. However, since the AGM itself is postponed, for now, all the programs are canceled likewise.