Mahalaxmi & Siddhartha Finance separate SGM today; to endorse merger with each other along with Malika Bikas Bank

Mahalaxmi Finance Limited (MFL) is convening its Special General Meeting (SGM) today (Jestha 32, 2073). The AGM is going to be held at Hotel Yellow Pagoda, Kantipath, Kathmandu at 11:30 AM. Main agendas of the SGM are:

• Authorize BOD to initiate merger with Mahalaxmi Finance Limited, Siddhartha Finance Limited and Malika Bikash Bank Limited.
• To appoint auditor to do Due Diligence Audit and share swap ratio for the purpose of merger.

• After the merger process, the new merged entity will be named as Mahalaxmi Bikas Bank Limited. The registered office of the merged entity will be located at Kathmandu Metropolitan City, Ward no. 11, Thapathali, Kathmandu.

• After the merger completion, authorized, issued and paid up capital will increase also the share structure will be changed.To amend article of association accordingly.
• New BOD committee will be formed after the merger process and the existing tenure of the new BOD will remain until the upcoming Annual General Meeting.
• After the completion of merger process of three BFIs , amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Mahalaxmi Finance has earned net profit of Rs 1.27 crore in the third quarter of the fiscal year 2072/73. Likewise, Siddhartha Finance Limited (SFL) is holding its Special General Meeting (SGM) today . The AGM is going to be held at its own company building located at Praharitole, Bhairahawa, Rupendehi at 1:30 PM. Main agendas of the SGM are:

• Authorize BOD to initiate merger with Malika Bikash Bank and Mahalaxmi Finance.
• To approve the merger of three Development Bank by endorsing Due Diligence Audit (DDA) and Share Swap Ratio.
• After the merger process with Malika Bikas Bank and Siddhartha Finance issued, authorized and paid up capital will increase, also the share structure will be changed and to amend the article of association accordingly.
• To change the promoter and public shareholders structure to 51:49 and amend article of association accordingly.
• The tenure of existing BOD member will dissolve after the formation of new BOD with the completion of merger process and amend article of association accordingly.
• After the completion of merger process of three banks to amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Siddhartha Finance has earned net profit of Rs 56.82 lakh in the third quarter of the fiscal year 2072/73. Share transaction of Malika Bikash Bank, Mahalaxmi Finance and Siddhartha Finance trading  has been halted in Nepal Stock Exchange for the merger process from Chaitra 2, 2072.