Shangri-la Dev. Bank 12th AGM on Jestha 19; to endorse 16.07% bonus share & issuance of 80% right share after acquisition with Cosmos & Nepal Community Dev. Bank

Shangri-la Development Bank Limited (SADBL) will be convening its 12^th Annual General Meeting (AGM) on Jestha 19, 2074.  The AGM is going to be held at Amrapali Banquet, Bhatbhateni, Kathmandu at 11:00AM. The main agendas of the AGM are:

• To endorse 16.07 percent bonus share and 0.85 percent cash dividend for tax purpose to its shareholders from the profit it earned in the last fiscal year 2072/73.
• To endorse the appointment of auditor, N.B.S.M and Associates, Chartered Accountants for Due Diligence Audit (DDA) report and endorsement of share swap ratio at the ratio 1:1:1 for acquisition with Cosmos Development Bank and Nepal Community Development Bank.
• To endorse final agreement prepared for the acquisition of Cosmos and Nepal Community Development Bank.
• To approve the acquisition of the two BFIs by endorsing Due Diligence Audit (DDA) and Share Swap Ratio.
• To issue 80% right shares after acquisition and joint operation with both development banks.
• After acquisition, to name the bank as "Shangri-la Development Bank Limited".
• After the completion of acquisition process, its capital will increase and to amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

The other agendas of the AGM include endorsement of financial highlights of the fiscal year 2072/73 and appointment of auditor. The register of their shareholders will remain close from Jestha 4, 2074 to Jestha 19, 2073 for the purpose of this AGM. Only those shareholders having shares one trading day ahead of the book closure date i.e. till Jestha 3, 2074 are eligible for bonus share of the company and participation in the AGM. Shangri-La Development Bank has earned Rs 24.49 crore in the third quarter of the current fiscal year 2073/74. Its paid up capital stands at Rs 1.07 arba and after issuance of 16.07% bonus share, its capital will reach Rs 1.24 arba.