Manaslu Bikas Bank to endorse 13.50% stock dividend & issuance of 50% right share; AGM on Magh 23

Manaslu Bikas Bank Limited (MSBBL) will be holding its 5^th AGM on Magh 23, 2072. The meeting will be held at Hotel Miracle Pvt. Ltd, Gorkha at 11:30 AM. The main agendas of the meeting are:

• To endorse 13.50 percent bonus share and 0.71 percent cash dividend (for tax purpose) to its shareholders from the net profit it earned from the fiscal year 2071/72. The fractional bonus share will be rounded to the nearest whole number.
• Authorize BOD to issue 2:1 (50%) right share after the issuance of bonus share. Increment of issued and paid up capital up to Rs 27.52 crore and amend the article of association accordingly.
• Conversion of promoter – public shareholder structure to 51% promoter shares and 49% ordinary shares. After the conversion, the promoter share to ordinary share ratio of the finance will stand at 51:49 percent.
• Authorize BOD to initiate the acquisition process with other financial institutions by endorsing Due Diligence Audit (DDA) and Memorandum of Understanding (MOU).
• To amend article of association and memorandum of association, if any, as per directed by Office of Company Registrar or Nepal Rastra Bank.

Other Agendas of the AGM include financial highlights of 2071/72, appointment of auditor and to elect 6 BOD member from promoter shareholders group (A). Only those shareholders owning shares till Magh 4 will be entitled to the dividend of the company. The register of their shareholders will remain close from Magh 5 till Magh 23, 2072 for the purpose of its upcoming (AGM), MSBBL had earned net profit of Rs. 72.86 lakhs in the first quarter of current fiscal year 2072/73 unaudited report.