The BOD meeting of Sunrise Bank Ltd. has decided to propose 10:6 right share subject to approval from NRB and its upcoming AGM and has decided to amend the provision of MOA and AOA as required by DhitoPatra Darta Tatha Niskasan Niyamabali, 2065.
The trade of Sunrise Bank scrip at secondary market takes place from today. It was opened with price Rs. 499 but dragged down to Rs. 450 (12.50 PM) Tuesday.
As per the fourth quarter financial report (2065/66), the bank has posted Rs. 102.548 million net profit and Rs. 127.923 million operating profit. Likewise, the bank has paid up capital of Rs. 1.337 billion and holds Rs 12.208 million deficits in its reserve and surplus account.
Source:Jamb News Service
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Government of Nepal has appointed Tanka Prasad Paneru as the Chairman of Nepal Stock Exchange. Paneru is Chartered Accountant and was former chairman of Institute of Chartered Accountant of Nepal and has also worked as member of Securities Board of Nepal.
Former Chairman of Nepal Stock Exchange (Nepse) Dr Narayan Prasad Paudel resigned from his post on 26th July 2009. "I couldn´t get cooperation from Nepse board members to implement some innovative programs, including skill development program for employees, prompt decision on appointment of stock brokers and introduction of Central Depository System in Nepse," Paudel had said at a press meet organized to inform about his resignation.
The Maoist-led government had appointed Dr Poudel, to the post on 1st January 2009. After his resignation, the post of Chairman at Nepse was vacant till the date of Paneru's appointment.
Source:Jamb News Service
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Nepal Rastra Bank (NRB) has directed banks and financial institutions to reduce the limit of renewal of margin lending -- lending against collateral of shares -- by 50 per cent.
NRB has taken the move to control margin lending in response to reducing share prices. According to NRB directives, banks and financial institutions can renew loan of those borrowers who have repaid 50 per cent loan.
They should have paid total interest of their loan, said NRB. This directive will further affect the Nepali capital market. Nepal Stock Exchange (Nepse) is in a bearish trend since September. Furthermore, NRB has fixed limits for investment in shares and debentures for class `B' and `C' banks and financial institutions. Class `B' companies can invest 20 per cent of paid up capital per company whereas the limit is 10 per cent for class `C' companies.
Meanwhile, NRB has prohibited financial institutions' boards of directors from using the official letterpads of the institutions. Chairpersons and directors cannot use official letterpads for correspondence, NRB said. It has also prohibited non-executive chairpersons from working as chief executive officers.
Source:
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Finance Ministry has expressed dissatisfaction over huge variation seen in the important statistics related to treasury position of the country and has urged the central bank to look into the matter.
A press release issued by Ministry of Finance on Sunday stated that the overall treasury position of the country was in surplus of Rs 3.25 billion in a weekly statement issued by the central bank at the end of last fiscal year.
As a result of surplus treasury position, the government mobilized Rs 6.60 billion less internal loans than planned for last year. However, all of sudden, the central bank, in its third amendment of the treasury position issued on September 20 this year, stated that the overall treasury position was in deficit by Rs 7.99 billion. Though there used to be minor adjustments in the past, the variation of such an extent is worrisome, stated the release.
Source:Republica
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The 98th BOD meeting of the company has decided to propose 25% bonus share subject to approval from NRB.
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The 116th BOD meeting of the company has decided to propose 15% bonus share and Rs. 1001803 cash dividend subject to approval from NRB.
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The 91st BOD meeting of the company has decided to propose 20% bonus share and 11.1% cash dividend subject to approval from NRB.
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The 190th BOD meeting of the company has decided to propose 25% bonus share and 1.23% cash dividend subject to approval from NRB and its upcoming AGM.
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The 87th BOD meeting of Tireveni Bikash Bank Ltd. has decided to propose 30% bonus share subject to approval from NRB and its upcoming AGM.
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Mahakali Development Bank, the first development bank of Mahakali zone in the far-western region, is issuing public shares from Nov 2nd. The bank will be issuing 81,800 share units, each with a face value of Rs 100. The issue will raise the paid up capital of the bank to Rs 20 million.
"The issue will be opened for four days starting from Monday," said Sudarshan Joshi, chief executive officer of the bank. He stated that the people in all the five development regions can apply for the shares, as the bank has made arrangements for accepting the applications in all the regions.
Established two years ago, Mahakali presently has a depositor base of 4,310. It has mobilized deposits of Rs 120 million and issued loans of Rs 80 million. "We managed to earn profit of Rs 1.23 million in the last fiscal year," said Joshi.
The bank has recently opened a branch in Jharali of Kanchanpur.
Source:THT
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The BOD meeting of Sunrise Bank Ltd. has decided to propose 10:6 right share subject to approval from NRB and its upcoming AGM and has decided to amend the provision of MOA and AOA as required by DhitoPatra Darta Tatha Niskasan Niyamabali, 2065.
