Mahakali Bikas Bank 9th AGM today; to endorse 9.25% bonus share & final agreement for acquisition by Kumari Bank Limited

Mahakali Bikas Bank Limited (MBBL) is convening its 9^th Annual General Meeting (AGM) today (Chaitra 11, 2073). The AGM is being held at Hotel Opera, Mahendranagar at 10:00 AM. The main agendas of the AGM are:

1. To endorse 9.25% bonus share and 0.49% cash dividend (for tax purpose) from the profits in FY 2072/73
2. To endorse the Due Diligence Audit (DDA) report prepared by LDSA Associates for the acquisition by Kumari Bank, and endorse the share swap ratio
3. To endorse the Memorandum of Understanding (MOU) and final agreement prepared for the acquisition of Paschimanchal Finance, Kasthamandap Development Bank, Mahakali Bikas Bank and Kankrebihar Bikas Bank by Kumari Bank Limited
4. To provide authority to the BOD for completing necessary procedures for acquisition by KBL
5. To approve the issuance of further right shares after completion of acquisition and joint operation

Trading of MBBL has been on halt in NEPSE since Shrawan, 2073. Only those shares traded before that day will be eligible for the bonus shares and for participation in the AGM. Paschimanchal Finance Company has earned Rs 1.23 crore in the second quarter of the fiscal year 2073/74. Kumari Bank Limited is acquiring MBBL along with Kasthamandap Dev Bank, Pashchimanchal Finance and Kankrebihar Bikas Bank in a share swap ratio of 100:85.