Sunrise Bank AGM today to endorse 11% bonus share; also to elect 2 public directors

ShareSansar, May 4:

Sunrise Bank Limited is holding its 6th Annual General Meeting in Kathmandu today.

The annual event being held at the City Hall in the Exhibition Road is due to endorse 11 percent bonus share and 0.57 percent cash dividend to its shareholders from the net profit the commercial bank posted in the last fiscal year 2069/70.

The AGM is also scheduled to elect two public directors to represent ordinary shareholders in the bank’s Board of Directors, besides reappointing Shreenivas Sharada to the BoD.

The bank had announced the book closure for the bonus shares on April 10. This means that those who hold the shares of the company till April 9 will be entitled for the bonus shares.

The bank is also issuing the right shares after the bonus shares adjustment in balance sheet.

After the issuance of the bonus shares, the bank’s existing paid-up capital of Rs 2.01 arba will rise to Rs 2.23 arba and it will further rise to Rs 2.46 arba after the right issue.  

The AGM will also endorse a plan to convert 19 percent promoters share to ordinary share.

Sunrise Bank had posted a net profit of Rs 32 crore (approx.) in the last fiscal year whereas till the second quarter of this fiscal year its net profit is Rs.20.58 crore, which signals that the bank is able to make a healthy growth in its net profit in this fiscal year too.

It may be noted that Sunrise Bank had distributed 5.26 percent cash dividend for the previous fiscal year 2068/69.