Summit Microfinance 8th AGM on Poush 29; to approve 45% bonus & 100% right share

Summit Microfinance Development Bank Limited (SMFDB) will be convening its 8^th Annual General Meeting (AGM) on Poush 25, 2073. The AGM will be held at Agrasen Bhawan, Birtamod, Jhapa at 8:30 AM. Main agendas of the AGM are:

• To endorse 45% bonus shares and cash dividend worth Rs 11, 84,210.53 for tax purpose from the net profit it earned from the fiscal year 2072/73. After issuance of bonus share to increase paid up and issued capital and amend article of association accordingly.
• To endorse 1:1 (100%) right share after bonus share distribution.
• To increase authorized and issued capital accordingly.
• To amend article of association per directed by registrar officer or the Nepal Rastra Bank.

Other main agendas of the AGM include financial highlights of 2072/73 and appointment of auditor. Only those shareholders owning shares till Poush 7, 2073 will be entitled to the dividend of the company. The register of their shareholders will be closed from Poush 8, 2073 till Poush 25, 2073 for the purpose of its AGM. SMFDB has earned net profit of Rs 1.02 crore in the first quarter of the FY 2073/74.The microfinance company has paid up capital of Rs 7.25 crore. After 45% bonus & 100% right share endorsement, its paid up capital will reach to Rs 21 crore.