Kathmandu. The process to upgrade Muktinath Bikas Bank into a commercial bank is to be forwarded.
The Board of Directors will be given authority to forward the process of upgrading Muktinath to a commercial bank. The bank is holding its 19th Annual General Meeting (AGM) on November 30 to endorse the proposal. The meeting has been called at 10:00 am at Hotel Grand Pardi in Pokhara, Kaski.
The meeting will delegate authority to the Board of Directors to forward the entire process of making Muktinath a commercial bank. The AGM will also endorse a special proposal to authorize the Board of Directors to proceed with the merger process with other appropriate banks and financial institutions.
The meeting held the last fiscal year 2081. It will approve a total dividend of 18.2 per cent proposed for 82 years. This includes 13.53 percent bonus shares and 4.67 percent cash dividend.
The AGM will endorse a proposal to increase the paid-up capital of the bank to Rs 9.03 billion after the issuance of Rs 8.03 billion and Rs 1 billion of unissued unissued unsecured preference shares after the issuance of bonus shares. The meeting shall also endorse a proposal to assign authority to a person designated by the Board of Directors to amend the Memorandum of Association and Articles of Association as per the suggestions received from the regulatory bodies.
The meeting will approve the annual report and the auditor’s report of the previous fiscal year. The same assembly elected the current fiscal year 2082. 83. Approve the proposal regarding the appointment of the auditor and the determination of his/her remuneration.
The AGM will hold discussion and approve the integrated financial statement of Muktinath Capital along with the financial statements of its subsidiary company Muktinath Capital.
The bank has decided to close the book on October 31 for the purpose of dividend and annual general meeting. This means that only shareholders who have remained in the company as of October 30 will be eligible to receive the dividend and attend the meeting.
