Nepal Investment Bank to discuss on City Express Finance's acquisition; Both companies organizing SGM
Thu, Sep 24, 2020 10:38 AM on Latest, AGM/Special AGM,
Nepal Investment Bank Limited and City Express Finance Company Limited have both announced their SGM on Ashwin 28, i.e. October 14, 2020.
Both will organize their SGM via Zoom. Investors willing to participate will be provided a Zoom ID and passcode.
Both Nepal Investment Bank and City Express Finance will discuss the latter being acquired by the former. Among other things, NIB will discuss amending the company's management letter. This is because NIB's existing and paid-up capital will increase after the acquisition. The promoter to public shareholding ratio will also change.
While City Express Finance will also discuss similar issues, more importantly, its board of directors will remain the same until their joint transaction commences.
The meeting of the board of directors of Nepal Investment Bank Limited has already decided to acquire City Express Finance.
City Express Finance will be acquired in the swap ratio of 100:30. This means that investors owning 100 shares of City Express Finance Limited will be entitled to 30 shares of NIB after the acquisition.
While City Express Finance has posted a net profit of Rs. 4.08 million in Q4 FY 2076/77, Nepal Investment Bank Limited has posted a net profit of Rs. 2.57 billion in the same quarter.
