Tinau Mission Development Bank (TMDBL) proposes 6% Bonus shares for FY 2076/77; Company in acquisition process by Citizens Bank

Tinau Mission Development Bank Limited (TMDBL) has proposed a 6% dividend for the fiscal year 2076/77.

The 276th meeting of the board of directors held on Poush 01 has decided to distribute the entire 6% dividend in bonus shares. The bonus shares are worth Rs. 10,87,87,632.05. Note that this dividend will be distributed only after approval from Nepal Rastra Bank and endorsement by the company's upcoming 14th AGM.

In accordance with the directive on Merger and Acquisition of Banks and Financial Institutions, Citizens Bank is set to acquire Tinau Mission Development Bank.

Citizens Bank International Limited, headquartered at Narayanhiti Path, Kathmandu, has signed a preliminary agreement on Kartik 01 to acquire Tinau Mission Development Bank. Tinau Mission Development Bank is a "B" class financial institution headquartered in Butwal. The companies have agreed to a potential swap ratio of 100:96.

Thus, the trading of TMDBL is currently halted in NEPSE.