NEPSE requests clarification from Citizens Bank for lack of compliance with procedure during dividend announcement

NEPSE has requested clarification from Citizens Bank about the lack of standard procedure in the way it unveiled its dividend announcement.

Citizens Bank International Limited (CZBIL) had recently proposed an 11% dividend for the fiscal year 2076/77. From the dividend, 7.7% was proposed as bonus shares and the remaining 3.3% as a cash dividend.

Whenever a listed company makes a decision related to anything that has the potential to influence the company's stock price, such a decision should be made public on the company's website before the market opens on the next day.

Furthermore, when the board of directors makes any decision regarding the cash dividend, bonus shares, right shares, and further shares offering, the date and time of the meeting that took the decision on the matter should be disclosed to NEPSE. Apparently, CZBIL had mentioned the date of the meeting but failed to disclose the time.

Consequently, NEPSE has requested the company to respond and clarify on the matter within three days of issuance of this notice.