Sunrise Bank & NIDC Capital Markets separate SGM today; to endorse acquisition of NIDC Capital by Sunrise Bank

Sunrise Bank Limited (SRBL) will be convening its Special General Meeting (SGM) today (Poush 25, 2073). The SGM is going to be held at Amritbhog Caterers, Kalikasthan Kathmandu at 11: 00 AM. Main agendas of the SGM are:

• To authorize BOD to endorse acquisition process with NIDC Capital Markets Limited.
• To appoint auditor to do Due Diligence Audit (DDA) for the purpose of acquisition process.
• To endorse Memorandum of Understanding (MOU) for the acquisition process.
• To appoint BOD members as mentioned in the final MOU agreement after the acquisition of NIDC Capital Markets Limited by Sunrise Bank.
• To approve the acquisition of the two BFIs by endorsing Due Diligence Audit (DDA) and Share Swap Ratio.
• After the completion of acquisition process, to endorse amendment article of association and memorandum of association as per directed by registrar office or Nepal Rastra Bank.
• After the acquisition with NIDC Capital Markets Limited, issued capital and paid up capital will increase and to amend the article of association accordingly.
• To amend article of association and memorandum of association as per directed by registrar office or Nepal Rastra Bank.

The register of their shareholders was closed on Poush 18, 2073 for the purpose of its SGM. Earlier, Sunrise bank had acquired Narayani National Finance Limited with swap of 100:77. Also,  the bank’s 9th AGM had endorsed 33.33% bonus and 30% right share to its shareholders. Sunrise Bank has earned Rs 25.31 crore in the first quarter of the current fiscal year 2073/74. Similarly, NIDC Capital Markets Limited (NCM)  will also be convening its Special General Meeting (SGM) today . The AGM is going to be held NIDC Capital Markets Head Office, Kamalpokhari, Kathmandu at 10:00 AM. Main agendas of the SGM are :

• Authorized BOD to initiate acquisition process with NIDC Capital Markets by Sunrise Bank Limited.
• To appoint auditor to do Due Diligence Audit and Share Swap Ratio for the purpose of acquisition process.
• To endorse scheme of arrangement and memorandum of understanding (MOU) for the acquisition process.

The trading of NIDC Capital has been halted from Ashwin 10 in Nepal Stock Exchange Limited (NEPSE) for the purpose of acquisition process.