Muktinath Bikas Bank AGM today; To endorse 31% bonus & 50% right share

Muktinath Bikas Bank Limited (MNBBL) is convening its 9th Annual General Meeting (AGM) today (Poush 28, 2072). The AGM is going to be held at Hotel Pokhara Grand, Pardi, Birauta, Pokhara at 8:30 AM. Main agenda of the AGM are:

• To endorse 31 percent bonus share from the net profit it earned from the fiscal year 2071/72.
• To endorse issuance 2:1(50%) right share, After issuing bonus share
• To increase the authorized capital to Rs 2.50 arba. Also after issuance of bonus and right share to raise issued and paid up capital up to Rs 1 arba 25 crore from the existing Rs. 64 crore 25 thousand.
• Authorize BOD to initiate the merger/acquisition process with other financial institutions.
• To amend the article of association as directed by registrar officer or the Nepal Rastra Bank.

Other Agendas of the AGM include financial highlights of 2071/72, appointment of auditor, to elect 4 BOD members from promoter shareholders group and 3 BOD members from public shareholders group and endorse 1.63% cash dividend for the tax purpose. MuktinathBikas Bank has earned a net profit of Rs 6.85 in the current fiscal year. It’s paid up capital remains at Rs. 54 crore. After 31 percent bonus it’s paid up capital will rise to Rs. 70.74 crore. MuktinathBikas Bank and Civic Development Bank have entered an acquisition deal. Both banks have already signed the MOU in this regard and filed applications at the Nepal Rastra Bank about the agreement in principle for the acquisition.