Sewa & Kamana Bikas Bank call for SGM on Jestha 25; to endorse merger with swap ratio 1:1

Sewa Bikas Bank Limited and Kamana Bikas Bank Limited are going to conduct their separate Special General Meetings (SGM) on Jestha 25, 2074. Sewa will be conducting its SGM at Amrapali Cottage and Restaurant, Butwal while Kamana Bikas Bank will be conducting its SGM at Hotel Pokhara Grand at 9 AM. Both the SGMs have the following merger-related agendas:

1. To endorse the final agreement for merger
2. To endorse the Due Diligence Audit (DDA) report and approve the share swap ratio of 1:1 for merger
3. To keep the name of merged entity as “Kamana Sewa Bikas Bank” and transfer its central office to Kathmandu
4. To amend their Memorandum of Association and Article of Association as directed by regulatory authorities
5. To provide authority to the BOD for agreement of merger/acquisition with other suitable BFIs

Trading of both the development banks have been suspended in NEPSE since Mangsir 12, 2073 following the merger announcement. Only those shareholders having shares traded until Mangsir 9, 2074 and registered before Jestha 19, 2074 are eligible for participation in the SGMs. Sewa Bikas Bank’s paid up capital currently stands at Rs 94.18 crore and Kamana’s at Rs 80.43 crore. After the merger with share swap ratio of 1:1, their paid up capital will reach Rs 1.74 arba.