Siddhartha Dev. Bank 15th& 16th AGM on Poush 30; to approve 11% bonus share

Siddhartha Development Bank Limited (SDBL) will be convening its 15th Annual General Meeting (AGM) on Poush 30, 2072. The AGM is going to be held at Alpha House, New-Baneswor, Kathmandu at 11:00 AM. Main agendas of the AGM are:

• To approve 11 percent bonus share from the net profit it earned from the fiscal year 2071/72. The fractional bonus share will be rounded to the nearest whole number.
• After issuance of bonus share to increase paid up and issued capital and amend article of association accordingly.
• Another main agenda is conversion of promoter – public shareholder structure to 51% promoter shares and 49% ordinary shares. After the conversion, the promoter share to ordinary share ratio of the finance will stand at 51:49 percent.
• Authorize BOD to make decisions regarding merger/acquisition with Ekata Bikas Bank and Nepal Awas Finance Company.
• To approve share swap ratio prepared by Shree P.J Thapa& Company Chartered accountants for merger/ acquisition process.
• For the purpose of merger/ acquisition to endorse Due Diligence Audit (DDA) and Memorandum of Understanding (MOU).
• To amend article of association and memorandum of association as per directed by Office of Company Registrar or Nepal Rastra Bank.

Other Agendas of the AGM include financial highlights of 2070/71 and 2071/72, appointment of auditor and to endorse 0.54 percent cash dividend for tax purpose. Only those shareholders owning shares till Poush 20 will be entitled to the dividend of the company. The register of their shareholders will remain close from Poush 21, 2072 till Poush 30, 2072 for the purpose of its upcoming (AGM), The development bank has earned net profit of Rs 3.44 crore in its first quarter of the current fiscal year 2072/73. Its paid up capital remains at Rs 71.59 crore.