Om & Manaslu Bikas Bank separate SGM on Chaitra 1; to endorse merger with each other

Om Development Bank Limited (ODBL) will be convening its Special General Meeting (SGM) on Chaitra 1, 2073. The SGM is going to be held at Hotel Pokhara Grand, Pokhara at 10: 00 AM. The main agenda of the SGM are:

• To endorse final agreement prepared for the merger with Manaslu Bikas Bank
• To endorse 5-year Business Plan and Projection after the merger process
• To approve the merger of the two BFIs by endorsing the Due Diligence Audit (DDA) report and the share swap ratio fixed for the merger
• To dissolve the tenure of existing BOD member after the formation of new BOD with the completion of merger process and amend Article of Association accordingly
• To endorse 10:3 (30%) right shares to its shareholders after completion of merger process
• To increase its issued and paid up capital
• To authorize BOD to perform necessary procedures required for merger or acquisition with other BFIs
• To amend Article of Association and Memorandum of Association as per directed by registrar office or Nepal Rastra Bank

Trading of ODBL has been in halt in NEPSE since Ashwin 21, 2073. Only those traded before that day and registered until Mangsir 24, 2073 are eligible for participation in the AGM. It has earned a net profit of Rs 19.02 crore till the end of second quarter in the fiscal year 2073/74. Likewise, Manaslu Bikas Bank Limited (MSBBL) will also be convening its Special General Meeting (SGM) on Chaitra 1, 2073. The SGM is going to be held at Hotel Gorkha Bisauni Pvt. Ltd at 1:00 PM. The main agenda of the SGM are:

• To endorse final agreement prepared for the merger with Om Development Bank Limited
• To endorse 5-year Business Plan and Projection after the merger process
• To approve the merger of the two BFIs by endorsing the Due Diligence Audit (DDA) report and the share swap ratio fixed for the merger
• To dissolve the tenure of existing BOD member after the formation of new BOD with the completion of merger process and amend Article of Association accordingly
• To amend Article of Association and Memorandum of Association as per directed by registrar office or Nepal Rastra Bank

MSBBL has earned net profit of Rs 3.07 crore in the second quarter of the fiscal year 2073/74. Only shares traded before Ashwin 21, 2073 are eligible for participation in the AGM.