NEPSE suspends trading of Shara Bikas Bank due to delay in declaration of dividend decision; SHBL given 24 hours to present clarification for the same

NEPSE has published a notice regarding suspension of trading in securities of Sahara Bikas Bank Limited (SHBL) and has asked for clarification from the development bank within a period of 24 hours. This decision comes after the dividend decision of the bank was not as per the mentioned terms and regulations.

The development bank had announced Rs.89.78 Lakh bonus shares from the profit of previous FY 73/74 and cash dividend of Rs.72.58 Thousand for tax purposes.

The announcement did not include the date of the BOD meeting, book closure date, units of shares to be distributed etc. due to which the trading in the security has now been suspended by Nepal Stock Exchange.

Since the dividend decision was not informed within the stipulated time, NEPSE has asked for clarification from the bank within 24 hours of publication of suspension notice.