Kumari Bank And Deva Bikas Bank To Convene SGM/AGM On Jestha 19; To Finalize Acquisition

May 11, 2020 | Investopaper

Kumari Bank is about to acquire Deva Bikas Bank. As per the agreement on the swap ratio, each one share of Deva Bikas Bank will receive 0.86 share of Kumai Bank Limited.

Both the companies have called a meeting on Jestha 19 to finalize the agreement. Kumari Bank has called a special general meeting at Naxal at 11 am and Dev Vikas Bank will convene its 13th annual general meeting at the head office Lal Durbar, Kathmandu at the same time.

Kumari has decided to make necessary decisions for the purpose of acquisition and to give full authority of the work to be done in the last days to the Board of Directors from the special general meeting. The bank has informed that the shareholders’ registration book will be closed for one day on Jestha 7 for the purpose of special general meeting.

On the other hand, Deva Bikas Bank will endorse various proposals including the financial statements of the last fiscal year 2075/76 along with the proposals related to the acquisition. The meeting will also approve the 8.55 percent bonus share proposed by the company. Deva  Bikas Bank will close the book for the purpose of the annual general meeting from Jestha 5 to Jestha 19.

 Currently, Deva Bikas  Bank has a paid-up capital of  Rs. 3.17 billion and Kumari Bank has the paid up capital of Rs. 9.55 billion


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