Prabhu Bank’s share trading to resume from Kartik 1st week; Special AGM on Saturday

ShareSansar, October 9:

Share trading of Prabhu Bank Ltd is likely to resume from the first week of Kartik.

Ashok Sherchan, Deputy CEO of Prabhu, told ShareSansar that they are on the process to complete the process required for the resumption of the share trading.

“Following the completion of the merger, we have already submitted the request letter to the Nepal Rastra Bank (NRB) and capital market regulator Sebon seeking their approval. Once we get the nods from these regulators, we will ask Nepse to resume the share trading of Prabhu,” said Deputy CEO Sherchan , adding, “We can expect the resumption of share trading from Kartik first week.”

Prabhu Bank Ltd was formed after the merger between Kist Bank, Prabhu Development Bank, Gaurishankar Development Bank and Zenith Finance Ltd. It had started its joint from September 15.

The trading of the then Prabhu Development Bank and Kist Bank were suspended in April last year by the  after they signed MoU for the merger while the trading of the Gaurishankar and Zenith had also halted later after they joined the merger process.

Meanwhile, Prabhu Bank Ltd is issuing 100:10 ratio rights shares to its shareholders.

The bank is endorsing the proposal of issuing its rights shares through its upcoming special annual general meeting scheduled to be held on Saturday.