Citizens Bank SGM On Jestha 27, To Finalize Acquisition of Sahayogi Bikas Bank

June 9, 2020 | Investopaper

Citizens Bank International has called a Special General Meeting (SGM) on Jestha 27, 2077. The SGM will take place at its head office located at Durbarmarg, Kathmandu after 11 AM.

The SGM will provide the final approval for the acquisition of Sahayogi Bikas Bank.  After the acquisition the paid-up capital of Citizens Bank International will rise to Rs 9.09 Arba.

Citizens Bank and Sahayogi Bikas Bank signed the acquisition agreement on Ashad 22, 2076. Nepal Rastra Bank has already provided the approval for the acquisition process.

The Special General Meeting will also endorse 1:0.9175 swap ratio for the acquisition. It means, every 100 shares of Sahayogi Bikas Bank will receive 91.75 shares of Citizens Bank International after the acquisition.

For the purpose of SGM, Citizens Bank had closed the shareholders’ registration book on Chaitra 3, 2076. Hence, shareholders purchasing/holding the shares until Chaitra 2 will be eligible to participate in the SGM.

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