Sahara Bikas Bank 6th AGM on Poush 29; to endorse 18% bonus & 250% right share; Trading halted in NEPSE due to merger with Sahayogi Bikas Bank

Sahara Bikas Bank Limited (SHBL) will be convening its 6^th Annual General Meeting (AGM) on Poush 29, 2073. The AGM is going to be held at New Hotel Simrik, Malangwa-8, Sarlahi at 11:00 AM. Main agendas of the AGM are:

• To endorse 18 percent bonus share and Rs 301,831.58 cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• After distribution of bonus share to endorse 1:2.50 (250%) right share to its shareholders.
• After issuance of bonus and right shares its capital will increase and amend article of association accordingly.
• To endorse the change of shareholders structure from the existing 70:30 to 51:49

• To amend article of association and memorandum of association as per directed by company registrar office or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of 2072/73 and appointment of auditor. The register of their shareholders will be closed from Poush 18, 2073 till Poush 29, 2073 for the purpose of its AGM. A separate book closure notice will be published for the right share. Earlier, Sahara Bank had floated 150% right shares to its shareholders from Ashwin 14 till Kartik 18. Also, the bank will be auctioning 23,605 units unsold ordinary right shares to its shareholders from Poush 14, 2073. The 150% right shareholders are not eligible for the 18% bonus share of the development bank. Sahara Bikas Bank has net loss of Rs 23.70 lakh in the first quarter of the current fiscal year 2073/74. Its paid up capital remains at Rs 3.18 crore. After adjustment of 150% right shares, its capital will reach 6.72 crore. And again after distributing 18 percent bonus and 250% right share, its paid up will reach Rs 25.51 crore. The trading of Sahara Bikas Bank has been halted in Nepal Stock Exchange Limited (NEPSE) since May 18, 2016 for the merger process with Sahayogi Bikas Bank Limited.