Sanima Development Bank's 22nd AGM Approves 10.5263 Percent Dividend
The 22nd Annual General Meeting of Sanima Development Bank approved a 10.5263 percent dividend for fiscal year 2082/83 (4 percent bonus and 6.5263 percent cash). The meeting also passed proposals to increase paid-up capital to NPR 3.88 billion after bonus distribution, amend the memorandum and articles of association, and authorize the board for mergers and acquisitions.
Kathmandu. The 22nd Annual General Meeting of Sanima Development Bank was held at Alice Reception in Gairidhara, Kathmandu.
The meeting approved a total dividend of 10.5263 percent on the current paid-up capital of NPR 3,734,068,505.53 for fiscal year 2082/83. This includes 4 percent bonus shares and 6.5263 percent cash dividend (including tax).
The meeting passed a special resolution to increase the paid-up capital to NPR 3,883,431,245.75 after the distribution of bonus shares. Accordingly, a proposal to amend the memorandum and articles of association was also approved.
The meeting passed a special resolution authorizing the board of directors to make amendments as directed by regulatory bodies regarding the memorandum and articles of association. Likewise, the board has been authorized 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 approved the annual report and auditor's report for the previous fiscal year, as well as the appointment of an auditor and determination of remuneration for the current fiscal year 2083/84.
Based on the deep trust and confidence of the general public, Sanima Development Bank is currently providing services through 109 branch offices and 30 ATMs across the country. The bank claims to have been following best practices in corporate governance, risk management, and internal control systems.