Prime and Kankai Calls out SGM to endorse Acquisiton Proposal

Jul 22, 2019 11:10 AM Merolagani

Prime Commercial Bank and Kankai Bikas Bank have called out special general meeting (SGM) on the same day, August 7 to endorse a merger and acquisition proposal.

Prime Commercial called out SGM in Nepal Pragya Pratisthan, Kamaladi, Kathmandu and Kaikai Bikas called out SGM in Gorkha Department, Damak, Jhapa.

Both banks have listed the main agenda of endorsing merger/acquisition proposal with a swap ratio of 100:94.

Moreover, Prime Commercial is set to delegate authority to BOD to finalise the merger/acquisition procedure and amend article of association and memorandum of association as per the requirement of regulatory bodies.

In this regard, Prime Commercial is closing its book on July 30, thus, the shareholders registered in its book till July 29 can participate in the SGM.

Similarly, in case of Kankai Bikas, shareholders registered in its book till June 4 (a day before the bank signed acquisition agreement with Prime Bank) can participate in the SGM.

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