Seti Finance to be acquired by Century in share swap ratio of 100:70; SGM on Shrawan 16

Seti Finance Limited (SETI) is going to conduct its Special General Meeting (SGM) on Shrawan 16, 2074. The SGM is going to be held at Galaxy Café, Tikapur Bazar at 11:00 AM. The main agendas of the SGM are:

1. To endorse acquisition of Seti Finance by Century Commercial Bank.
2. To endorse appointment of auditor for the Due Diligence Audit (DDA) report P.L. Shrestha & Co. Chartered Accounts.
3. To endorse the share swap ratio of 100:70 as prepared by the Due Diligence Audit (DDA) report.
4. To endorse final agreement prepared for the acquisition of Seti Finance.
5. To provide authority to BOD for completing the acquisition process.

SETI’s trading has been suspended from Jestha 15, 2074 after agreement for acquisition with CCBL. Only those shareholders having shares one trading day ahead of the date are eligible for participation in the SGM. Seti Finance has earned net profit of Rs 98.33 lakh until the end of third quarter of FY 2073/74. Century Commercial Bank recently started joint operation after acquiring Araniko Development Bank, Innovative Development Bank and Sagarmatha Finance. It is also in the process of acquiring Alpine Development Bank.