Shree Investment & Everest Finance separate AGM today; to endorse 10.50% & 14.50% bonus share respectively & merger with each other

Shree Investment and Finance Company Limited (SIFC) is convening its 22^nd Annual General Meeting (AGM) today (Ashwin 21, 2073). .  The AGM is going to be held at Amritbhog, Kalikasthan, Kathmandu at 10 AM. The AGM has following agendas:

• To endorse 10.50 percent bonus share and 0.55 % cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• To dismiss the proposal of increasing paid up and issued capital worth Rs 22 crore and tenure of Chief Executive Officer as approved by the 21^stAGM of the finance company since the company is in the verge of merger.
• Authorized BOD to initiate merger process with Everest Finance Limited.
• To appoint auditor to do Due Diligence Audit for the purpose of merger.
• After the merger process, the new merged entity will be named as Shree Investment and Finance Company Limited.

• To increase its authorized and issued capital up to Rs 1 arba & Rs 39.91 crore respectively after merger. Also to change its promoter and public share structure to 53.31:46.69 percent and amend article of association accordingly.
• After the completion of merger process, to elect 3 BOD member from promoter shareholders group and 2 Bod member from public shareholders group.
• To amend Article of Association regarding the tenure of BoD members and CEO as directed by NRB.

• After the merger process of both bank to amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. The trading of the finance company has been halted following the merger process with Everest Finance Limited. SIFC has earned net profit of Rs 3.02 crore in the fourth quarter of the last fiscal year 2072/73 as per unaudited report. It’s paid up capital stands at Rs 22 crore and after the issuance of 10.5 percent bonus share it’s paid up capital will rise to Rs 24.31 crore. Likewise, Everest Finance Company Limited (EFL) is convening its 14th AGM today. The AGM is going to be held at Bodhi Redson Hotel, Basantapur, Rupandehi at 5: PM. The AGM has following agendas:

• To endorse 14.50 percent bonus share and 0.76 % cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• To approve the merger process of Everest Finance Limited and Shree Investment and Finance Company Limited.
• To fix Due Diligence Report Audit Report (DDA), Memorandum of Understanding (MoU) and Share Swap Ratio of both finance companies.
• After the merger process, the newly merged entity will be named as Shree Investment & Finance Company Limited.
• To endorse name list of BOD members after the merger of Everest Finance and Shree Investment Finance Company and duly collapse the tenure of existing BoD members.
• To authorize BOD for necessary amendment as per directed by regulatory bodies.

Other agendas of the AGM include financial highlights of 2072/73 and appointment of auditor. The trading of Everest Finance and Shree Investment and Finance Company has been on halt following the merger process from Poush 13, 2072. Only those shareholders buying shares before Poush 13, 2072, will be eligible for the bonus share of the company. Everest Finance had earned Rs 2.6 crore in the fourth quarter of the fiscal year 2072/73.