Manaslu Bikas Bank 6th AGM on Poush 23; to approve 18% bonus share

Manaslu Bikas Bank Limited (MSBBL) will be holding its 6^th Annual General Meeting (AGM) on Poush 23, 2073. The meeting will be held at Hotel Gorkha Bisauni Pvt. Ltd, Gorkha, at 11:00 PM. The main agendas of the meeting are:

• To endorse 18 percent bonus share and 0.95 percent cash dividend for tax purpose to its shareholders from the net profit it earned in the last fiscal year 2072/73.
• To increase its authorized capital up to Rs 55 crore from existing Rs 30 crore
• After issuance of 18 percent bonus share and 50% right share which was approved in 5^th AGM, the company had already issued right share. In this way its paid up capital will reach Rs 30.83 crore and amend article of association accordingly.
• To authorize BOD to initiate merger/acquisition with other BFIs.
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of FY 2072/73, appointment of auditor and election of 2 BOD from public shareholders group. Om Development Bank Limited (ODBL) and Manaslu Bikas Bank had signed Memorandum of Understanding (MOU) for merger process on Ashwin 21, 2073. Trading of Manaslu Bikas Bank has been halted since Ashwin 21, 2073 for the merger process. Hence, the particular date will be considered as book closure date. Only those shareholders owning shares till one trading day ahead of the book closure date i.e Ashwin 20, 2073 are entitled to the bonus share of the company. Manaslu Bikas Bank earned net profit of Rs 1.31 crore in the first quarter of the fiscal year 2073/74 as per unaudited report.