Western Development Bank's 11th AGM today; to endorse 10% bonus shares & merger with Namaste Bittiya Sanstha

Western Development Bank Limited ( WDBL) is convening its 11^th Annual General Meeting (AGM) today (Ashad 27, 2074).  The AGM is being held at Hotel City Plaza, Ghorahi, Dang at 11:30 AM.

The main agendas of the AGM are:

• To endorse 10% bonus share and 1.05% cash dividend for tax purpose to its shareholders from the profit it earned in the fiscal year 2072/73.
• To authorize BOD to initiate merger process with Namaste Bittiya Sanstha Limited.
• To appoint auditor for Due Diligence Audit (DDA) and fix share swap ratio of Western Development Bank and Namaste Bittiya Sanstha at 1:1.
• Authorized BOD to complete necessary procedure for 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 the FY 2072/73 and appointment of auditor. Trading of Western Development Bank & Namaste Bittiya Sanstha has been suspended in Nepal Stock Exchange on Chaitra 28, 2073 for the merger process. Only those shares traded one day ahead of the trading day i.e. Chaitra 27, 2073 are eligible for the bonus shares and for participation in the AGM. Western Development Bank has earned net profit of Rs. 4.83 crore in the third quarter of the current fiscal year 2073/74. Its paid up capital stands at Rs 31.39 crore after issuance of 100% right shares and issuance of the auctioned shares. After issuance of 10% bonus shares, its paid up capital will reach Rs 34.52 crore.