Nabil Bank calls 42nd AGM for Ashwin 22, set to endorse 15.80 percent dividend

Kathmandu . Nabil Bank has called its 42nd Annual General Meeting for Ashwin 22 at the Army Officers Club in Bhadrakali, Kathmandu, starting at 9:30 am. The bank's board of directors decided to hold the meeting during its meeting on Tuesday.

The main highlight of the meeting is the proposed dividend for the last fiscal year 2082/83. The meeting will endorse a total dividend of 15.80 percent of the current paid-up capital, comprising 5 percent bonus shares and 10.80 percent cash dividend (including tax). Similarly, the meeting will also pass a proposal to distribute an 8 percent cash dividend (including tax) on the 8 percent non-redeemable cumulative preference shares.

The meeting will pass a special proposal to increase the bank's current authorized capital to Rs 34 billion. Since the authorized, issued, and paid-up capital need to be increased, a proposal to amend the Memorandum of Association and Articles of Association accordingly will also be approved. A special proposal will also be passed authorizing the board of directors to make any changes or amendments as directed by regulatory bodies while amending the memorandum and articles.

Likewise, the meeting will pass a proposal granting the board of directors the authority to proceed with all processes for merger with other banks and financial institutions or acquisition of other banks and financial institutions if deemed appropriate. The meeting will also elect 3 directors to represent the founding shareholders on the board of directors.

The meeting will approve the annual report and auditor's report for the last fiscal year, as well as the proposal for the appointment of the auditor and determination of their remuneration for the current fiscal year 2083/84. Similarly, the meeting will approve the consolidated financial statements including the financial statements of subsidiary companies Nabil Investment Banking and Nabil Stock Dealer for the last fiscal year.

For the purpose of dividend and the meeting, the bank has decided to close the books on Ashwin 14. This means only shareholders on record until Ashwin 13 will be eligible to receive the bank's dividend and participate in the meeting.