Shine Resunga & Gaumukhee Bikas AGM today; both banks to endorse merger with each other

Shine Resunga Development Bank is convening its 7th Annual General Meeting (AGM) today. The AGM is being held at Darshij International Hotel, Butwal, Rupandehi at 12:30 PM. The AGM has following main agendas:
  • To endorse 27 percent stock and 1.42 percent cash dividend for tax purpose.
  • To approve proposal from Board of Directors on merger process between Shine Resunga Development Bank Limited and Gaumukhee Development Bank Limited.
  • To approve the merger of Shine Resunga Development Bank and Gaumukhee Bikas Bank by endorsing Due Diligence Audit Report (DDA) and Share Swap Ratio.
  • To authorize the BoD members to initiate and make decisions regarding possible merger and acquisitions with other BFIs
  • To endorse members from Gaumukhee Bikas Bank after the merger process between the development banks.
  • To increase authorized, issued and paid up capital of the development bank.
  • To amend the article of association and memorandum of association as directed by Nepal Rastra Bank.
The others agendas of the meeting are to approve financial highlights of 2071/72 and appointment of auditor. Shine Resunga Development had earned net profit of Rs.12.40 crore in second quarter of the fiscal year 2072/73. Likewise, Gaumukhee Bikas Bikas Bank is holding its 6th Annual General Meeting (AGM) today. The AGM is being held at Kalika Bikas Bank Conference Hall, Pyuthan Municipality Ward no. 4, Bijubajar Pyuthan at 11:00 AM. Main agendas of the AGM are:
  • To endorse 21 percent stock and 1.11 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72.
  • To approve the merger of Shine Resunga Development Bank and Gaumukhee Bikas Bank by endorsing Due Diligence Audit Report (DDAR) and Share Swap Ratio.
  • To authorize the BoD members to initiate and make decisions regarding possible merger and acquisitions with other BFIs
  • To endorse members from Shine Resunga Development Bank after the merger process between the development banks.
  • To increase issued and paid up capital of the development bank.
Other Agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. Gaumukhee Development Bank had earned net profit of Rs. 44.27 lakh in its first quarter of the fiscal year 2072/73. Share transaction of both development banks has been halted for the merger process from Ashwin 24, 2072.