Supreme Dev. Bank AGM today ;to approve15% stock dividend & merger with 5 BFIs; Apex Dev. Bank AGM to endorse merger with 5 BFIs

Supreme Development Bank Limited (SUPREME) is holding its 11th Annual General Meeting (AGM) today (Ashad 28, 2073). The AGM is going to be held at Mandala Banquet, Tinkune, Kathmandu at 1:00 PM. The main agenda of the AGM are:

• To endorse 15 percent bonus share and 0.79 percent cash dividend (for tax purpose) to its shareholders from the net profit earned in the last fiscal year 2071/72. The fractional bonus share will be rounded to the nearest whole number.
• After bonus share is issued, to increase issued and paid up capital and amend the article of association accordingly.
• Authorized BOD to initiate merger process with with Apex Development Bank Limited (APEX), Nepal Credit and Commerce Bank Limited (NCCB) , Kumari BankLimited (KBL), Infrastructure Development Bank Limited (IDBL) and International Development Bank Limited (INDBL).
• To appoint auditor to do Due Diligence Audit for the purpose of merger process.
• The Due Diligence Audit Report (DDA) has set the value of Supreme Development Bank and Nepal Credit and commerce Bank which has been fixed at100:77. To approve Share Swap ratio as 1:0.77.
• Authorized BOD to take necessary step as per the direction of regualtory bodies like company registrar office, Nepal Rastra Bank, Sebon, Nepse and CDS and clearing Limited for the merger process of NCC, KBL, IDBL, INDBL , APEX and SUPREME.
• After the completion of merger process 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 2071/72 and appointment of auditor. The registers of their shareholders has been  closed from Ashad 13, 2073 till today for the purpose of AGM. The share transaction of the banks has been halted in Nepal Stock Exchange for the following merger process. Apex Development Bank Limited (APEX) is convening its 13^th Annual General Meeting (AGM) today.  The AGM is going to be held at the Rajgharan Party Palace, Kamaladi, Kathmandu at 1:00 PM. Main agendas of the AGM are:

• Authorized BOD to initiate merger process with Apex Development Bank Limited (APEX), Nepal Credit and Commerce Bank Limited (NCCB) , Kumari BankLimited (KBL), Infrastructure Development Bank Limited (IDBL) , International Development Bank Limited (INDBL) and Supreme Development Bank Limited (SUPREME).
• To appoint auditor to do Due Diligence Audit for the purpose of merger process.
• The Due Diligence Audit Report (DDA) has set the value of Apex and Nepal Credit and commerce Bank which will be100:48. To approve Share Swap ratio as 1:0.48.
• Authorized BOD to take necessary step as per the direction of regualtory bodies like company registrar office, Nepal Rastra Bank, Sebon, Nepse and CDS and clearing Limited for the merger process of Apex NCC, KBL, IDBL, INDBL and SUPREME.
• After the merger process 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 2071/72 and appointment of auditor The registers of their shareholders has been closed on Ashad 13, 2073 till today for the purpose of AGM. The share transaction of the banks has been halted in Nepal Stock Exchange for the following merger process. Apex Development Bank has earned a net profit of Rs 10.40 crore for the third quarter of the fiscal year 2072/73.