NIC Asia Bank to endorse 39% stock dividend & issuance of 25% right share; 18th AGM today

NIC Asia Bank Limited (NICA) is convening its 18^thAnnual General Meeting (AGM) today (Magh 10, 2072). The AGM is going to be held at Udhyog Sangathan Morang Meeting Hall, Sahidmarg, Tinpaini, Biratnagar at 11:00 AM. Main agendas of the AGM are:

• To approve 39 percent bonus share and 2.05 percent cash dividend from the net profit it earned from the fiscal year 2071/72.
• Authorize BOD to issue 4:1 (25%) right share after the issuance of bonus share
• Authorize BOD to initiate merger/acquisition with other BFIs by endorsing Due Diligence Audit (DDA) and Memorandum of Understanding (MOU).
• To shift the central office of the bank
• To increase Authorized, issued and paid up capital and amend the article of association accordingly.
• To authorize BoD to amend article of association and memorandum of association, if any, as per directed by Office of Company Registrar or Nepal Rastra Bank.
• To endorse help provided to earthquake victim of Rs 25.51 lakh.

Other Agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. Only those shareholders owning shares till Poush 23 is entitled to the dividend of the company. The register of their shareholders has been closed from Poush 26, 2072 till today for the purpose of its AGM. Currently NICA has a paid up capital of Rs 2.65 arba. After the issuance of 39 % bonus shares, its paid up capital will reach to Rs 3.69 arba. NIC Asia Bank had earned net profit of Rs 15.73 crore in its first quarter of the fiscal year 2072/73.