Malika Bikas Bank 16th AGM on Jestha 32; to approve 29.14% stock dividend & merger with Mahalaxmi & Siddhartha Finance

Malika Bikash Bank Limited (MDBL) will be convening its 16^th Annual General Meeting (AGM) on Jestha 32, 2073. The AGM is going to be held at Hotel Devotee, Dhangadi, Kailali at 9:00 AM. Main agendas of the SGM are:

• To endorse 29.14 percent bonus share to its shareholders from the net profit earned in the last fiscal year 2071/72.
• To change the promoter public share structure from existing 70:30 to 51:49.
• After the bonus share is issued, authorized and paid up capital will increase also the share structure will be changed and to amend the article of association accordingly.
• To approve the merger process of Malika Bikas Bank with Mahalaxmi Finance Company Limited and Siddhartha Finance Limited.

• To approve the merger of Malika Bikas Bank, Mahalaxmi Finance Limited and Siddhartha Finance Limited by endorsing Due Diligence Audit Report (DDAR) and Share Swap Ratio.
• 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.

• New BOD will be formed after the merger/acquisition process and the existing tenure of the new BOD will remian until the upcoming General Meeting.

  Other Agendas of the AGM include financial highlights of 2071/72, appointmrent of auditor and elction of 4 BOD members from Promoter and 2 from Public shareholder group. The register of the shareholders has been closed from Chaitra 2, 2072 for the merger process. Bonus share of the company will be distributed as of the previous mentioned book closure date i.e. Poush 16, 2072. MDBL has earned net profit of Rs 8.52 crore in the third quarter of the fiscal year 2072/73.