Sewa Bikas Bank 10th AGM today; to endorse 19% bonus share

Sewa Bikas Bank Limited (SEWA) is convening its 10th Annual General Meeting (AGM) today (Poush 15, 2073). The AGM is being held at Asian Hotel Private Limited, Kalikanagar, Butwal at 9:00 AM. Main agendas of the AGM are:

• To endorse 19 percent bonus share and Rs 42, 55,552 as cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• After the issuance of bonus, to increase issued capital and paid up capital, and amend the article of association accordingly.
• To authorize BOD to complete Due Diligence Audit (DDA) for the merger process of Sewa Bikas Bank and Kamana Bikas Bank. Both development banks had signed Memorandum of Understanding (MOU) on Mangsir 10, 2073.
• To authorize BOD to initiate merger/acquisition process with other financial institutions.
• To amend the article of association and memorandum of association as directed by registrar officer or the Nepal Rastra Bank.

Other Agendas of the AGM include financial highlights of 2072/73 and appointment of auditor. Sewa Bikas Bank has been issuing 1:1.2 (120%) right shares to its existing shareholders from Mangsir 23, 2073 to till Poush 27, 2073. Trading of Sewa Bikas Bank has been halted since Mangsir 12, 2073 following the merger process. Hence, the same date will be regarded as the book closure date. Only the shareholders owning shares till Mangsir 9, 2073 were eligible for the dividend of the company. Sewa Bikas Bank has earned a net profit of Rs 2.64 crore in the first quarter of the current fiscal year. Its paid up capital remains at Rs. 42.55 crore. After distribution of 19 percent bonus share, its paid up capital will rise to Rs. 50.63 crore.