Wednesday, 21 October 2020

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18 Oct 2020

Machhapuchhre Bank to distribute dividend

Foreign Affairs News Desk
Foreign Affairs News Desk

Machhapuchhre Bank has decided to pay interim dividend to its shareholders.

As the decision needs to be approved by the general meeting, hence the 22nd annual general meeting scheduled for October 20 has been postponed due to increasing coronavirus pandemic that will make it difficult for the members to participate.

However, a meeting of the Board of Directors of the Bank held on September 16, has decided that considering the financial impact on the shareholders and during Dashain and Tihar festival, the interim dividend of Nepali rupees 241 million 80 thousand 660 will be distributed to the shareholders which will be approved the bank’s board of directors’ proposal of September 20 to pay 7.3 per cent bonus share and 3.37 per cent tax including cash dividend in the annual meeting to be held as appropriate time.

The meeting also passed a resolution authorizing the steering committee to merge or acquire with any other bank and financial institution, including dividends, and to enter into a foreign strategic partnership.

In addition, there was a program to elect three directors to be represented in the board of directors on behalf of the general shareholders.

The bank has adjourned the meeting till further notice so that all the mentioned proposals remain unchanged. The bank closed the book on September 7 for the purpose of general meeting and dividend. On this basis, only the shareholders who have remained in business till September 7 are eligible to participate in the meeting and receive dividend.

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