Western Development Bank Limited to convene 13th AGM on 12th Asadh, 2076; 14.74% cash dividend to be endorsed

Nepal Sock Exchange Limited (NEPSE) has published a notice regarding the AGM of Western Development bank Limited (WDBL).

The 257^th BOD meeting of WDBL held on 14^th Jestha, 2076 has decided that the 13^th AGM of the company will be held on 12^th Asadh, 2076 (27^th June, 2019) at Hotel City Plaza, Dang from 11 AM onwards.

The agenda of the AGM is to endorse the audited financial highlights of FY 74/75 and to appoint statutory auditor for the year 75/76. The company will be endorsing 14.74% cash dividend worth Rs.7.42 Crore out of the profits of FY 74/75 for the shareholders.

The company is in the process of acquisition by Deva Bikas Bank Limited. The AGM will be endorsing the Memorandum of Understanding, DDA report and Swap ratio for the finalization of the acquisition process. The swap ratio has been established at 1:1 i.e. one share of WDBL will be equal to one share of Deva Bikas Bank Limited.

The current promoter public shareholding of 55.17:44.83 will be converted to 51:49 in the upcoming AGM of the company.

The book closure date for this purpose is set at 27^th Asadh, 2075. Investors holding shares of WDBL till 26^th Asadh, 2075 will be eligible to participate in the AGM and claim the proposed dividend.