Subhechha & Garima Bikas Bank separate SGM today; to endorse merger process with each other

Subhechha Bikas Bank Limited (SUBBL) is convening its Special General Meeting (SGM) today (Ashad 30, 2072). The SGM is going to be held at Darechowk, Kurintar, Chitwan, at 1:00 PM. The main agenda of the SGM are:

• Authorized BOD to initiate merger process with Garima Bikas Bank Limited.
• After the merger process, the new merged entity will be named as Garima Bikas Bank Limited.
• To appoint auditor to do Due Diligence Audit for the purpose of merger.
• The Due Diligence Audit Report (DDA) has set the value of Subhechha Bikas Bank and Garima Bikas Bank. The share swap ratio of Subhechha and Garima has been fixed at 1:1.
• To dissolve the tenure of existing BOD member after the formation of new BOD with the completion of merger process and amend article of association accordingly.
• 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.

Subhechha Bikas Bank has earned net profit of Rs 1.35 crore in the third quarter of the fiscal year 2072/73. Likewise, Garima Bikas Bank Limited (GBBL) is convening its Special General Meeting (SGM) today. The SGM is going to be held at Hotel Pokhara Grand, Birauta, Pokhara at 11:00 AM. The main agenda of the SGM are:

• Authorized BOD to initiate merger process with Subhechha Bikas Bank Limited.
• After the merger process, the new merged entity will be named as Garima Bikas Bank Limited.
• To appoint auditor to do Due Diligence Audit for the purpose of merger.
• The Due Diligence Audit Report (DDA) has set the value of Garima Bikas Bank and Subhechha Bikas Bank. The share swap ratio of Garima and Subhechha has been fixed at 1:1.
• The tenure of existing BOD member will dissolve after the formation of new BOD with the completion of merger process and amend article of association accordingly.
• To increase issued and paid up capital up to Rs 1.08 arba and amend article of association accordingly.
• After the completion of merger process, the head office of the development bank will be transferred fromMahendrapool, Pokhara Sub Metropolitan city -9 to Kathmandu Metropolitan city-2 and amend the article of association accordingly.
• 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.

Garima Bikas Bank has earned a net profit of Rs 14.6 crore in the third quarter of the fiscal year 2072/73. Share transaction of Subhechha Bikas Bank and Garima Bikas Bank has been halted for the merger process since April 20, 2016.