Century Commercial Bank Limited (CCBL) and Sagarmatha Finance Limited (SAFL) are conducting their separate Special General Meetings (SGM) today (Ashad 18, 2074). The SGM of CCBL is being held at Aman Hall in World Trade Tower, Tripureshwor, Kathmandu while SAFL’s SGM is being held at Crystal Banquet in Manbhawan, Lalitpur.
Both the SGMs are the following common agendas:
- To endorse the final agreement for acquisition of Sagarmatha Finance by Century Commercial Bank
- To endorse the appointment of the DDA auditor P.L. Shrestha & Co. Chartered Accounts
- To endorse the share swap ratio of 100:95 as prepared by the Due Diligence Audit (DDA) report
- To provide authority to the BOD for completing the acquisition process of Sagarmatha Finance
Century Commercial Bank has set Asadh 10, 2074 as the book closure date for the purpose of this SGM. Likewise, shareholders of Sagarmatha Finance who have traded shares till Falgun 21, 2073 and registered within 7 days from today are eligible for participation in the SGM.
Century Commercial Bank’s paid up capital after recent acquisition of Innovative Development Bank and Araniko Development Bank stands at Rs 4.71 arba. Likewise, Sagarmatha Finance has paid up capital of Rs 78.63 crore. After acquisition of SAFL in share swap ratio of 100:95, CCBL’s paid up capital will reach Rs 5.45 arba.
Century Commercial Bank is further issuing 40% right share and acquiring Alpine Development Bank and Seti Finance. Shareholders of Sagarmatha Finance, Seti Finance and Alpine Development Bank will not be eligible to apply for its upcoming 40% right shares. Only the shareholders of Innovative and Araniko Development Bank are eligible for the right shares.