Yeti Dev Bank & Mahalaxmi Bikas Bank separate AGM on Baisakh 22; to endorse merger with each other; Mahalaxmi to endorse 7.90% bonus

Yeti Development Bank Limited (YETI) is going to conduct its 15^th Annual General Meeting (AGM) on Baisakh 22, 2074. The AGM is going to be held at All in One Mart, Crown Banquet, Minbhawan, Kathmandu at 10:00 AM. The main agendas of the AGM are:

1. To cancel the issuance of 50% right share as endorsed by its earlier AGM
2. To endorse the share swap ratio of 1:1 for the merger of Yeti Dev Bank and Mahalaxmi Bikas Bank as recommended by the BOD
3. To name the merged entity as “Mahalaxmi Bikas Bank Limited”
4. To endorse the final agreement and Scheme of Arrangement for the merger
5. To amend the Article of Association (AOA) and Memorandum of Association (MOA) as per instructions received from the regulatory authorities
6. To collect applications for public issues (FPO/IPO) under ASBA system and provide services as depository participant
7. To authorize BOD for merger/acquisition with other BFIs

Other agendas of the AGM include financial highlights of the FY 2072/73 and appointment of auditor. YETI’s trading has been suspended in NEPSE since Chaitra 2, 2073 following the merger. The register of their shareholders will remain closed from Baisakh 8 to Baisakh 22, 2074 for the purpose of this AGM. Only those shareholders holding shares traded till Chaitra 1, 2073 and registered till Baisakh 7, 2074 are eligible for participation in the AGM. YETI has earned net profit of Rs 14.41 crore in the second quarter of the fiscal year 2073/74. Likewise, Mahalaxmi Bikas Bank Limited (MLBL) is also convening its 17^th AGM on the same day (Baisakh 22, 2074). The AGM is being held at Hotel Yellow Pagoda, Kantipath, Kathmandu at 4:00 PM. The main agendas of the AGM are:

1. To endorse 7.90% bonus shares from the profits it earned in FY 2072/73
2. To endorse the share swap ratio of 1:1 for the merger of Yeti Dev Bank and Mahalaxmi Bikas Bank as recommended by the BOD
3. To name the merged entity as “Mahalaxmi Bikas Bank Limited” with its registered office at Durbarmarga, Ward no. 1, Kathmandu.
4. To endorse the final agreement and Scheme of Arrangement for the merger
5. To amend the Article of Association (AOA) and Memorandum of Association (MOA) as per instructions received from the regulatory authorities
6. To authorize BOD for merger/acquisition with other BFIs

MLBL’s trading has been suspended in NEPSE since Chaitra 2, 2073 following the merger. The register of their shareholders will remain closed from Baisakh 7 to Baisakh 21, 2074 for the purpose of this AGM. Only those shareholders holding shares traded till Chaitra 1, 2073 and registered till Baisakh 6, 2074 are eligible for the bonus shares and for participation in the AGM. It has earned net profit of Rs 12.87 crore in second quarter of ongoing fiscal year 2073/74.