Metro Development Bank 6th AGM today; to approve 19 % stock dividend

Metro Development Bank Limited (METRO) is convening its 6th Annual General Meeting (AGM) today, Mangsir 11. The AGM is being held at Hotel Pokhara Grand, Birauta, Pokhara at 8:30 AM. Main agendas of the AGM are:

• To approve 19 percent bonus share and 1 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.

Other Agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. Only those shareholders owning shares till Mangsir 10 will be entitled to the bonus share of the company. The register of their shareholders has been closed from Mangsir 11, 2072 till Mangsir 26, 2072 for the purpose of its upcoming (AGM). At present METRO has a paid up capital of Rs 20.33 crore. After the issuance of 19% bonus shares, its paid up capital will reach to Rs 24.19 crore. Metro Development Bank had earned net profit of Rs 4.76 crore in its fourth quarter of the fiscal year 2071/72.