Metro Dev. Bank 6th AGM on Magh 9; to approve 16.52 % stock dividend

Metro Development Bank Limited (METRO) will be convening its 6th Annual General Meeting (AGM) on Magh 9. The AGM will be held at Hotel Pokhara Grand, Birauta, Pokhara at 8:30 AM. The AGM of Metro Dev Bank was postponed due to the existing 70:30 public –promoter shareholder structure. Previously the company had published notice to convene its AGM on Mangsir 26, 2072. Main agendas of the AGM are:

• To approve 16.52 percent bonus share and 0.8695 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72. Also after issuance of bonus share to maintain paid up and issued capital up to Rs 24.87crore.
• Another main agenda is 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.
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.
• To approve the current work tenure of the Chairman, BOD and CEO as the ongoing work tenure.

  Other Agendas of the AGM include financial highlights of 2071/72, appointment of auditor and election of 4 members from BOD and 3 from public group. The share transaction of Metro Development Bank and Kailash Bikas Bank Limited has been halted from Kartik 24, 2072 for the merger process. Only those shareholders owning shares till Mangsir 23 will be entitled to the bonus share of the company. At present METRO has a paid up capital of Rs 24.64 crore. After the issuance of 16.52% bonus shares, its paid up capital will reach to Rs 28.58 crore. Metro Development Bank had earned net profit of Rs 1.09 crore in its first quarter of the fiscal year 2072/73.