Siddhartha & Araniko Dev. Bank AGM today; Siddhartha to endorse 24% bonus & 60% right share; Araniko to approve 17% bonus share

Siddhartha Development Bank Limited (SDBL) is convening its 17^th Annual General Meeting (AGM) today (Mangsir 24, 2073). The AGM is going to be held at Alpha Beta House, New Baneswor, Kathmandu at 11: 00 AM. Main agendas of the AGM are:

• To endorse 24 percent bonus share from the net profit it earned from the fiscal year 2072/73.

• After bonus share distribution, to endorse 60 percent right share to its shareholders.

• To change the name of the bank and amend article of association and memorandum of association accordingly.
• After issuance of bonus and right share it’s paid up capital will increase and amend article of association accordingly.

• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

Other main agendas of the AGM include financial highlights of 2072/73, appointment of auditor and to elect 4 BOD members from promoter shareholders group and 3 BOD members from public shareholders group. Only those shareholders owning shares till Mangsir 8, 2073 were entitled to the bonus share of the company. The register of their shareholders was closed from Mangsir 9, 2073 till Mangsir 24, 2073 for the purpose of its AGM. SDBL has earned net profit of Rs 5.76 crore in the first quarter of the fiscal year 2073/74. Araniko Development Bank Limited (ARDBL) is also convening its 11^th Annual General Meeting (AGM) today (Mangsir 24, 2073). The AGM is going to be held at Mount Princess Hotel, Dhulikhel, Kavre at 11: 00 AM. Main agendas of the AGM are:

• To endorse 17 percent bonus share and 0.89 percent cash dividend for tax purpose from the net profit it earned from the fiscal year 2072/73.
• After bonus share issuance it’s paid up and issued capital will increase and amend the article of association accordingly.
• Authorize BOD to approve merger/ acquisition process with other BFIs.

• Authorize BOD to endorse Memorandum of Understanding (MOU) for the merger/acquisition process and appoint auditor for Due Diligence Audit (DDA).

Other main agendas of the AGM include financial highlights of 2072/73 and appointment of auditor. The register of their shareholders was closed from Mangsir 9, 2073 till Mangsir 24, 2073 for the purpose of its AGM. Century Commercial Bank Limited has signed Memorandum of Understanding (MOU) to acquire Araniko Development Bank Limited. Araniko Development Bank’s trading has been halted in Nepal Stock Exchange following the acquisition process. ARDBL earned net profit of Rs 81.72 lakh in the first quarter of the fiscal year 2073/74 as per unaudited report.