Nepal Stock Exchange (NEPSE) has lifted the trading halt for shares of Prabhu Bank Limited (PRVU).
The exchange had asked for clarification regarding Prabhu Bank's unveiling of the dividend proposal. Prabhu Bank Limited (PRVU) proposed a 12.63% dividend for the fiscal year 2077/78: 12% bonus shares worth Rs 1.36 Arba and 0.63% cash dividend (for tax purposes). The company had breached the securities listing rules by holding a board meeting during market hours to propose the yearly dividend. As such, the company was ordered to present a clarification within 7 days.
The commercial bank submitted its clarification to the exchange assuring that it will not unveil the dividend proposal from now onwards by holding a board meeting during market hours. As such, NEPSE has lifted the trading halt.