Vibor & Society Dev. Bank separate SGM on Baisakh 21; to endorse merger process with each other

Vibor Bikas Bank Limited (VBBL) will be holding its Special General Meeting (SGM) on Baisakh 21, 2073 at Amritbhog Complex, Kalikasthan, Kathmandu at 12:15 PM. The agendas of the meeting are as follows:

• Authorized BOD to initiate merger with Society Development Bank.
• To approve the merger of Vibor Bikas bank and Society development Bank by endorsing Due Diligence Audit (DDA) and Memorandum of Understanding.
• To appoint auditor to do Due Diligence Audit for the purpose of merger.
• The Due Diligence Audit Report (DDA) has set the value of Vibor and Society Development will be 1:1. To approve Share Swap ratio as 1:1.
• After the merger process, the new merged entity will be named as Vibor Society Development Bank Limited. To shift the registrar office of the bank to Kathmandu Metropolitan City, Dilibazar ward no: 33.
• To increase authorized and paid up capital.
• After the merger process of both bank to amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.
• The tenure of existing BOD member will dissolve after the formation of new BOD with the completion of merger process and amend article of association accordingly.

Vibor Bikas Bank has earned a net profit of Rs 6.01crore for the second quarter of the fiscal year 2072/73. Share transaction of Vibor Bikas Bank and Society Development Bank has been halted for the merger process from Poush 8, 2072. Likewise, Society Development bankLimited (SODBL)will be holding its Special General Meeting (SGM) on Baisakh 21, 2073 at Amritbhog Complex, Kalikasthan, Kathmandu at 12:15 PM. Main agendas of the SGM are:

• Conversion of promoter – public shareholder structure to 51% promoter shares and 49% ordinary shares from existing share ratio. After the conversion, the promoter share to ordinary share ratio of the finance will stand at 51:49 percent.
• Authorized BOD to initiate merger with Vibor Bikas Bank Limited.
• To approve the merger of Vibor Bikas bank and Society dvelopment Bank by endorsing Due Diligence Audit (DDA) and Memorandum of Understanding.
• To approve the share swap ratioas per the Due Diligence Audit Report (DDA) has set its value.
• After the merger process, the new merged entity will be named as Vibor Society Development Bank Limited.
• To appoints auditor to do Due Diligence Audit for the purpose of merger.
• The tenure of existing BOD member will dissolve after the formation of new BOD with the completion of merger process and amend article of association accordingly.
• To amend article of association and memorandum of association as per directed by registrar officer or Nepal Rastra Bank.

  Society Development Bank has earned a net profit of Rs 9.83 crore for the second quarter of the fiscal year 2072/73.