Manaslu & Subhechha AGM today; Manaslu to endorse 13.50% bonus & 50% right share, Subhechha to endorse 17.95 bonus & 100% right share

Manaslu Bikas Bank Limited (MSBBL) is holding its 5^th Annual General Meeting (AGM) today (Magh 23, 2072). The meeting is going to 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 is entitled to the dividend of the company. The register of their shareholders has been closed from Magh 5 till today, 2072 for the purpose of its AGM, MSBBL had earned net profit of Rs. 72.86 lakhs in the first quarter of current fiscal year 2072/73 unaudited report. Similarly, Subhechha Development Bank Limited (SUBBL) is convening its 11^th Annual General Meeting (AGM) today. The AGM is going to be held at Narayangarh, Chitwan at 10:00 AM. Main agendas of the AGM are:

• Authorized BOD to increase authorized capital up to Rs 50 crore from existing Rs 40 crore.
• To endorse 17.95 percent bonus share and 0.94 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72.
• To issue right shares in the ratio 1:1 (100%) after the bonus share is distributed.
• To elect 1 BOD member from public shareholders group.

• Authorize BOD to initiate merger/acquisition with other BFIs by endorsing Due Diligence Audit (DDA) and Memorandum of Understanding (MOU).
• To amend article of association and memorandum of association 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 approve the decision of funding more than Rs 50 thousand to various organization as a part of Corporate Social Responsibility (CSR). SUBBL had earned a net profit of Rs. 27.25 lakhs in the first quarter of the current fiscal year.