Yeti Development Bank 15th AGM today; to endorse merger with Mahalaxmi Bikas Bank

Yeti Development Bank Limited (YETI) is conducting its 15^th Annual General Meeting (AGM) today (Baisakh 22, 2074). The venue for the AGM is 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 with Mahalaxmi Bikas Bank. The register of their shareholders will remain closed from Baisakh 8 till today (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.