Royal Merchant, Api Finance and Rara call special AGM to advance merger process

ShareSansar, June 10:

Royal Merchant Banking and Finance Limited has called its special AGM for June 25, 2013. The AGM would be held at United World Trade Center in Tripureshwar, Kathmandu from 8:15 am. Api Finance and Rara have also called their special AGM on the same date.

The institutions are set to be merged with one another.

While Api’s AGM will be held at Hotel Few Prince Kundahar, Pokhara at 8:15 am, Rara’s AGM would be held at Rara Banquet and Food Land, Jumla Road in Surkhet.

The main agenda at the AGM of all the three institutions would be the endorsement of the due diligence audit and the merger agreement between them. The meeting would also seek approval from shareholders on the agreed share swap ratio of 1:1:1.

After the merger, the new entity would be upgraded to a “B” category national development bank and would be known as Apex Development Bank Limited.

Royal Merchant has a paid up capital of Rs 32,91,23,000 and its reserve stands at Rs 7,20,37,000. The company reported net profit of Rs 290,000 for the third quarter of FY 2069/70. Its net worth stands at Rs 121.88

Likewise, Api Finance has a paid up capital of Rs 13,73,40,000 and reserve of Rs 2,11,08,790. It earned a net profit of Rs 11,699,950 in the third quarter of FY 2069/70. Its net worth stands at Rs 115.36.

Rara Bikas Bank posted a net profit of Rs 6.46 million for the third quarter of FY 2069/70. It has a paid up capital of 20,01,00,000 and a reserve of Rs 1,77,38,800 and its net worth has been valued at Rs 108.