Sunrise Bank 9th AGM on Kartik 7; to endorse 33.33% bonus & 30% right share; Signs MOU to aquire NCM Merchant

Sunrise Bank Limited (SRBL) will be convening its 9^th Annual General Meeting (AGM) on Kartik 7, 2073. The AGM is going to be held at Amritbhog Carters, Kalikasthan Kathmandu at 11: 00 AM. Main agendas of the AGM are:

• To endorse 33.33 percent (1, 32, 53, 48,800 unit) bonus shares from the net profit it earned from the fiscal year 2072/73.
• To increase its authorized capital up to Rs 10 arba.
• After bonus share is distributed to endorse 10:3 (30%) ratio right share to its shareholders.
•  To increase it’s paid up capital as directed by Nepal Rastra Bank.
• After the approval of acquisition of Narayani National Finance Limited directed from Nepal Rastra Bank the existing BOD structure of the bank will be changed with the provision of 4 BOD members each from promoter and public shareholders group and 1 professional director.
• To endorse Rs 249, 069.61 under the title of Corporate Social Responsibility (CSR) that exceeded as per the company’s law.
• 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 2072/73 and appointment of auditor. Only those shareholders owning shares till Ashwin 16, 2073 will be entitled to the bonus share of the company. The register of their shareholders will remain closed from Ashwin 17, 2073 till Kartik 7, 2073 for the purpose of its AGM. Ratna Raj Bajracharya, CEO of Sunrise Bank said, “Sunrise Bank has also signed Memorandum of Understanding (MOU) for acquisition of NIDC Capital Markets Limited. The undergoing MOU process is supposed to complete by Poush end. With this Sunrise Bank will also be the owner of NCM Merchant Banking Limited which is the first merchant banking institution with the history of launching first mutual fund in Nepal.” The trading of  NCM Merchant Banking Limited  has been suspended in Nepal Stock Exchange from today for the aquisition process. SRBL had earned net profit of Rs 95.17 crore in the fourth quarter of the fiscal year 2072/73 as per unaudited report. It’s paid up capital stands at Rs 3.97 arba and after the issuance of 3:1 bonus share the paid up capital will rise to Rs 5.30 arba.