Machhapuchchhre Bank republishes 18th AGM notice; dismisses proposed 12% right share

Machhapuchchhre Bank Limited (MBL) has republished its 18^th Annual General Meeting (AGM) which will be organized on Poush 22, 2073. The AGM will be held at Hotel Pokhara Grand, Pardi, Pokhara at 11: 00 AM. The main agendas of the AGM are: Main agendas of the AGM are:

• To endorse 20.75% bonus share and 1.09% cash dividend for tax purpose to its shareholders from the profit it earned in the last fiscal year 2072/73.
• To dismissed the proposal to endorse 12% right share after issuing the above bonus share to its existing shareholders.
• To authorize BOD to initiate merger and acquisition process by endorsing Due Diligence Audit (DDA) and Memorandum of Understanding (MOU).
• To endorse Rs 3.22 lakh financial help as a part of corporate social responsibility (CSR).
• To amend Article of Association and Memorandum of Association as per directed by registrar officer or Nepal Rastra Bank on the following:

1. After issuance of bonus share, its paid up and issue capital will increase and amend Article of Association accordingly.
2. To shift the head office of the bank from Pokhara Sub metropolitan City, ward no 9 to Kathmandu Metropolitan City, Ward no 2, Lazimpat.

Other main agendas of the AGM include financial highlights of 2072/73, appointment of auditor and election 3 BOD members from public shareholders group. Only those shares registered one trading day ahead of the book closure date, i.e Mangsir 30, 2073 were entitled to the dividend of the company. The register of their shareholders was closed from Poush 1, 2073 till Poush 22, 2073 for the purpose of its AGM. MBL has earned net profit of Rs 24.69 crore in the first quarter of the fiscal year 2073/74 as per unaudited report. Machhapuchchhre Bank Limited (MBL) has been issuing 2:1 (50%) right shares to its existing shareholders from Mangsir 19, 2073 till on Poush 24, 2073.