Monday, November 22, 2010
15% cash dividend by Mahakali Bikas Bank
The BOD meeting of the company dated 2067/06/04 has decided to give 15% cash dividend subject to approval from NRB and its upcoming AGM
Up comming right share
Royal Merchant Banking and Finance Limited
Open: 2067/06/24
Close:2067/07/28
Unit: 14,78,093
Ratio:1:1
Issue Manager: Ace Capital Limited
Open: 2067/06/24
Close:2067/07/28
Unit: 14,78,093
Ratio:1:1
Issue Manager: Ace Capital Limited
Sebon asks investors not to panic
The Securities Board of Nepal (Sebon) has asked investors not to panic because of plummeting Nepse.
The regulatory authority of the capital market expressed its serious concern over the present state of Nepali securities market.
Sebon has urged the investors not to take decisions regarding selling or buying of shares based on rumours. “The investors need to be well-informed about the company’s financial indicators and performance history before they invest their money in any stock,” a press release issued here by the Sebon said.
At present, Nepse is hovering around 400 points — the lowest in almost last four years. Sebon, being the regulatory body, has assured the people that there is nothing to be worried about.
The statement dubbed the present free-fall of Nepse as a temporary phenomenon that is natural in any market and insisted the investors to have more patience and not fall prey to panic selling that maximizes the risk.
“Most of the preliminary process of establishing Central Depository System (CDS) has already been completed and since Mutual Funds Regulations are also in the offing, the entry of institutional investors through mutual funds would stabilise the market,” the Sebon said, adding that the addition of new stock brokers, most probably by next month, will also help the expansion and promotion of the market.
Sebon is also starting Capital Market Development Master Plan with an assistance from the World Bank. Under the plan, international consultants will study the condition of Nepali capital market and suggest the ways to improve it. “The programme will evidently improve overall state of the capital market,” it added.
(news source: thehimalayantimes.com)
The regulatory authority of the capital market expressed its serious concern over the present state of Nepali securities market.
Sebon has urged the investors not to take decisions regarding selling or buying of shares based on rumours. “The investors need to be well-informed about the company’s financial indicators and performance history before they invest their money in any stock,” a press release issued here by the Sebon said.
At present, Nepse is hovering around 400 points — the lowest in almost last four years. Sebon, being the regulatory body, has assured the people that there is nothing to be worried about.
The statement dubbed the present free-fall of Nepse as a temporary phenomenon that is natural in any market and insisted the investors to have more patience and not fall prey to panic selling that maximizes the risk.
“Most of the preliminary process of establishing Central Depository System (CDS) has already been completed and since Mutual Funds Regulations are also in the offing, the entry of institutional investors through mutual funds would stabilise the market,” the Sebon said, adding that the addition of new stock brokers, most probably by next month, will also help the expansion and promotion of the market.
Sebon is also starting Capital Market Development Master Plan with an assistance from the World Bank. Under the plan, international consultants will study the condition of Nepali capital market and suggest the ways to improve it. “The programme will evidently improve overall state of the capital market,” it added.
(news source: thehimalayantimes.com)
Book close and AGM of Nepal Investment Bank Limited
As decided by the 339th meeting of the Board of Directors, the 24th Annual General Meeting (AGM) of the company is going to be held on 27th Ashwin 2067.
Place: Rastriya Shavagriya, Pradasani Marga, Kathmandu
Time:10 am
Discussions:Annual Report, 25% Cash Dividend and so on.
The bank has decided to close the share transfer from 13th Ashwin, 2067 until completion of its 24th AGM.
Place: Rastriya Shavagriya, Pradasani Marga, Kathmandu
Time:10 am
Discussions:Annual Report, 25% Cash Dividend and so on.
The bank has decided to close the share transfer from 13th Ashwin, 2067 until completion of its 24th AGM.
NIB and EBL merger proposal on choppy sea
The proposed merger of Nepal Investment Bank Limited (NIBL) and Everest Bank Limited (EBL) is now on hold following discontent within the NIBL over the proposed plan.
Some of the NIBL board members and senior staffers are uncomfortable over the merger plan and claim NIBL Chairman Prithivi Bahadur Pande did not inform them about the plan. The issue was debated in the NIBL’s board meeting on Friday. Pande, however, has been maintaining that there had been just a preliminary understanding between the chairmen of two banks. “Now, the whole process is on hold for now,” said a senior NIBL official.
The two sides had signed a preliminary memorandum of understanding (MoU) for further negotiations, according to the NIBL letter sent to Nepal Stock Exchange (NEPSE) on Sept 21. The NEPSE had sought details from the two banks following news reports about the proposed merger. The EBL had also responded with similar content in its letter sent to NEPSE on Sept. 17.
Both banks have, however, maintained that the initial understanding was yet to be considered and approved by their respective board of directors.
The NEPSE had asked them banks about the status of the merger process to determine if the capital market should suspend the share trading of both. “We have to suspend shares trading of merging banks to prevent a sudden volatility in their share prices,” said Shankar Man Singh, general manager of the NEPSE. He, however, said that the NEPSE allowed continuation of shares trading after it was known that board of directors of both banks were yet to endorse the initial agreement. Even the EBL staff were in dark about the proposed merger. EBL Assistant General Manager Hum Nath Gurung said that they came to know about the understanding later. “The rumour and controversy has affected the process,” he added. Some board members of the NBIL maintain that the merger can be possible only if NIBL has a majority stake during the merger, amid reports that Pujab National Bank that has a stake in EBL had sought the majority stake.
The issue is likely to be hotly debated in the annual general meeting of EBL that is to be held on Thursday as well.
If the process goes ahead, it would be the biggest ever merger in Nepal’s banking history. Nepal Rastra Bank (NRB) also has a policy of encouraging mergers amid the growing number of banks and financial institutions so that it creates space for new entrants.
(news source: ekantipur.com)
Some of the NIBL board members and senior staffers are uncomfortable over the merger plan and claim NIBL Chairman Prithivi Bahadur Pande did not inform them about the plan. The issue was debated in the NIBL’s board meeting on Friday. Pande, however, has been maintaining that there had been just a preliminary understanding between the chairmen of two banks. “Now, the whole process is on hold for now,” said a senior NIBL official.
The two sides had signed a preliminary memorandum of understanding (MoU) for further negotiations, according to the NIBL letter sent to Nepal Stock Exchange (NEPSE) on Sept 21. The NEPSE had sought details from the two banks following news reports about the proposed merger. The EBL had also responded with similar content in its letter sent to NEPSE on Sept. 17.
Both banks have, however, maintained that the initial understanding was yet to be considered and approved by their respective board of directors.
The NEPSE had asked them banks about the status of the merger process to determine if the capital market should suspend the share trading of both. “We have to suspend shares trading of merging banks to prevent a sudden volatility in their share prices,” said Shankar Man Singh, general manager of the NEPSE. He, however, said that the NEPSE allowed continuation of shares trading after it was known that board of directors of both banks were yet to endorse the initial agreement. Even the EBL staff were in dark about the proposed merger. EBL Assistant General Manager Hum Nath Gurung said that they came to know about the understanding later. “The rumour and controversy has affected the process,” he added. Some board members of the NBIL maintain that the merger can be possible only if NIBL has a majority stake during the merger, amid reports that Pujab National Bank that has a stake in EBL had sought the majority stake.
The issue is likely to be hotly debated in the annual general meeting of EBL that is to be held on Thursday as well.
If the process goes ahead, it would be the biggest ever merger in Nepal’s banking history. Nepal Rastra Bank (NRB) also has a policy of encouraging mergers amid the growing number of banks and financial institutions so that it creates space for new entrants.
(news source: ekantipur.com)
Book close to issue right share of Prabhu Finance Company
Inorder to issue 2:1 right share Prabhu Finance Company will close it’s book from 2067/06/15 to 2067/06/18
and Finance will also announce notice about right share in future.
and Finance will also announce notice about right share in future.
Kankai Bikas Bank starts returning money
The issue manager Gorwmore Merchant Banker starts to refund money of share holder of Kankai Bikas Bank from 2067/06/07
AGM of Bank Of Asia
Date: 2067/07/14 ( as of 31 Oct 2010)
Time: 11 AM
Place: Amrit Bhog Complex, Kalikasthan, Dilli Bazar
discussions: 10.53% cash dividend,annual report and so on.
Book close: 2067/06/17 to 2067/07/14
Time: 11 AM
Place: Amrit Bhog Complex, Kalikasthan, Dilli Bazar
discussions: 10.53% cash dividend,annual report and so on.
Book close: 2067/06/17 to 2067/07/14
Share certificate of Swastik Merchant Finance
Ace Capital limited starts to distribute ordinary share certificate of Swastik Merchant Finance Company limited from today
Right share extension notice of Narayani National Finance
The issue manager ACE Capital Limited has extended the right share issue of Narayani National Finance up to 2067/06/17 ( As of Oct 3rd 2010)
Right share form can be filled from the following places:
1. Ace Development Bank, Naxal, Kathmandu
2. Narayani National Finance Limited, Pako, Newroad , Kathmandu
3. Narayani National Finance Limited, Narayangad, Chitwan
4. From the branches of Narayani National Finance Limited, Hakim chowk, Bharatpur, Ratnanagar, Tandi, Itahari, Sunshari, Dhalko, Chhetrapati
5. From the branches of Ace Development Bank Limited, Birjung, Parsa, Kritipur, Chabahil, Narayangad, Newroad kathmandu.
Details:
Company name:Narayani National Finance Limited
Ratio: 2:1
Total right share: 21,75,879
Right share form can be filled from the following places:
1. Ace Development Bank, Naxal, Kathmandu
2. Narayani National Finance Limited, Pako, Newroad , Kathmandu
3. Narayani National Finance Limited, Narayangad, Chitwan
4. From the branches of Narayani National Finance Limited, Hakim chowk, Bharatpur, Ratnanagar, Tandi, Itahari, Sunshari, Dhalko, Chhetrapati
5. From the branches of Ace Development Bank Limited, Birjung, Parsa, Kritipur, Chabahil, Narayangad, Newroad kathmandu.
Details:
Company name:Narayani National Finance Limited
Ratio: 2:1
Total right share: 21,75,879
AGM of Laxmi Bank Limited
Date:2067/07/14 (As of 31 Oct 2010)
Place: Nepal Prayatan Board, Bhrikuti Mandap, Kathmandu
Time: 2 PM
Discussions: 13% cash dividend, annual report, and so on
Book close:2067/06/15 to 2067/07/14 ( As of 1st Oct to 31st Oct, 2010)
Place: Nepal Prayatan Board, Bhrikuti Mandap, Kathmandu
Time: 2 PM
Discussions: 13% cash dividend, annual report, and so on
Book close:2067/06/15 to 2067/07/14 ( As of 1st Oct to 31st Oct, 2010)
Right share extension notice of Citizen Bank International
The issue manager Elite Capital Limited has extended the right share issue of Citizen Bank International up to 2067/06/27 ( As of Oct 13 2010)
Right share form can be filled from the following places:
1. Elite Capital Limited, Jamal, Kathmandu
2. Citizen Bank International , Kamaladi, kathmandu
3. Branches of Citizen Bank International
Ratio: 1:1
Right share: 100,00,000
Right share form can be filled from the following places:
1. Elite Capital Limited, Jamal, Kathmandu
2. Citizen Bank International , Kamaladi, kathmandu
3. Branches of Citizen Bank International
Ratio: 1:1
Right share: 100,00,000
EBL: Cash dividend and bonus share certificate distribution
Everest Bank Limited starts to distribute 30% dividend and 30% bonus share certificate from tomorrow (2067/06/12)
official hours:
10:00 am to 2:00 pm (sunday to thrusday)
10:00 am to 1:00 pm (friday)
official hours:
10:00 am to 2:00 pm (sunday to thrusday)
10:00 am to 1:00 pm (friday)
Energy Development Bank Limited will give 15% cash dividend
The BOD meeting of the company dated 2067/06/10 has decided to give 15% cash dividend from the profit of FY 2066/67 which is subject to approval from NRB and its upcoming AGM
Banks turn to creative ways to lure rural customers amid stiff competition in the cities
Growing competition among banks and financial institutions in cities is driving them to seek new pastures in rural areas. With the technology in place to help them expand their business in villages, they are using unconventional methods to lure potential customers.
Everest Bank has become the first to start branchless banking with “Everest Bank Ghar Dailo Banking Services”. It facilitates cash withdrawals, deposits and remittance through the point of transaction along with agent cards and smart cards for customers. Agents provide this service in rural areas. Everest Bank started it in July 2009. “With the ever growing need for banking services in the present context, this is a bid to serve customers at large,” said marketing executive Nabin Regmi.
The service, which was started in eight village development committees (VDCs) of Bhaktapur, now covers 11 more VDCs including five in Baglung and six in Banke. “As the technology enables banking transactions by fingerprints, even illiterates are benefiting,” added Regmi.
Laxmi Bank launched “Mobile Money” in October 2009 and Kumari Bank started “Kumari Mobile Cash” this August.
Customers of Laxmi Mobile Money and Kumari Mobile Cash can pay their utility, shopping and restaurant bills via this service using their mobile phones. Customers can also transfer funds from one account to another.
With a significant growth of cell phone users in rural areas, both banks hope to include rural people in mainstream banking via mobile phones. The money agents appointed by the banks can facilitate internal remittance in-country. Laxmi Bank gives this facility only to its account holders while Kumari said its services are available to all. One can access the service through 189 agents and 10-plus merchants under Kumari Mobile Cash, said Sanjaya Poudel, head of corporate strategy and development.
Laxmi introduced transfer facility first to its account holders via SMS under this system. It is also planning to go for branchless banking within 2010, according to Nikesh Ghimire, manager at bank 2.0 department of Laxmi Bank that deals with non-conventional banking. Only mobile users of Nepal Telecom get the services of Laxmi and Kumari at present. “Soon, we will include Ncell, CDMA and UTL customers,” said Poudel of Kumari.
Besides, three banks also use vehicles to deliver banking services. Everest, Sunrise and Kist are using vehicles to deliver banking services to the doorsteps.
Everest Bank has termed its “Bank on Wheels” an additional service to its existing customers. Everest Bank’s vehicle-based banking service is available in Damak, Bhadrapur and Kakarvitta through the Birtamod branch. Both Sunrise and Kist started vehicle-based services in May. Sunrise is providing this service in Chalnakhel and Chhaimale VDCs on the periphery of Kathmandu. Kist’s service is available in Dhapakhel, Thankot, Budhanilkantha, Tokha and Gothatar in Kathmandu and Nala in Kavre.
Banking vehicles have an ATM and a customer service desk, a teller desk and space for a few customers. Everest and Sunrise officials said they use V-SAT technology to link the vehicle with the nearest branch while Kist uses evolution data optimised (EVDO) technology. EVDO operates via broadband internet service through CDMA phone line.
“More than 700 customers have opened accounts in our vehicle-based service and deposited around Rs. 20 million,” said B.N. Gharti, chief business officer of Kist.
Sunrise has more than 600 account holders under this scheme with deposits amounting to around Rs. 15 million. Niranjan Aryal of the business management division, said people ask for small loans through this channel.
(news source: ekantipur.com)
Everest Bank has become the first to start branchless banking with “Everest Bank Ghar Dailo Banking Services”. It facilitates cash withdrawals, deposits and remittance through the point of transaction along with agent cards and smart cards for customers. Agents provide this service in rural areas. Everest Bank started it in July 2009. “With the ever growing need for banking services in the present context, this is a bid to serve customers at large,” said marketing executive Nabin Regmi.
The service, which was started in eight village development committees (VDCs) of Bhaktapur, now covers 11 more VDCs including five in Baglung and six in Banke. “As the technology enables banking transactions by fingerprints, even illiterates are benefiting,” added Regmi.
Laxmi Bank launched “Mobile Money” in October 2009 and Kumari Bank started “Kumari Mobile Cash” this August.
Customers of Laxmi Mobile Money and Kumari Mobile Cash can pay their utility, shopping and restaurant bills via this service using their mobile phones. Customers can also transfer funds from one account to another.
With a significant growth of cell phone users in rural areas, both banks hope to include rural people in mainstream banking via mobile phones. The money agents appointed by the banks can facilitate internal remittance in-country. Laxmi Bank gives this facility only to its account holders while Kumari said its services are available to all. One can access the service through 189 agents and 10-plus merchants under Kumari Mobile Cash, said Sanjaya Poudel, head of corporate strategy and development.
Laxmi introduced transfer facility first to its account holders via SMS under this system. It is also planning to go for branchless banking within 2010, according to Nikesh Ghimire, manager at bank 2.0 department of Laxmi Bank that deals with non-conventional banking. Only mobile users of Nepal Telecom get the services of Laxmi and Kumari at present. “Soon, we will include Ncell, CDMA and UTL customers,” said Poudel of Kumari.
Besides, three banks also use vehicles to deliver banking services. Everest, Sunrise and Kist are using vehicles to deliver banking services to the doorsteps.
Everest Bank has termed its “Bank on Wheels” an additional service to its existing customers. Everest Bank’s vehicle-based banking service is available in Damak, Bhadrapur and Kakarvitta through the Birtamod branch. Both Sunrise and Kist started vehicle-based services in May. Sunrise is providing this service in Chalnakhel and Chhaimale VDCs on the periphery of Kathmandu. Kist’s service is available in Dhapakhel, Thankot, Budhanilkantha, Tokha and Gothatar in Kathmandu and Nala in Kavre.
Banking vehicles have an ATM and a customer service desk, a teller desk and space for a few customers. Everest and Sunrise officials said they use V-SAT technology to link the vehicle with the nearest branch while Kist uses evolution data optimised (EVDO) technology. EVDO operates via broadband internet service through CDMA phone line.
“More than 700 customers have opened accounts in our vehicle-based service and deposited around Rs. 20 million,” said B.N. Gharti, chief business officer of Kist.
Sunrise has more than 600 account holders under this scheme with deposits amounting to around Rs. 15 million. Niranjan Aryal of the business management division, said people ask for small loans through this channel.
(news source: ekantipur.com)
Rhino bank
When it comes to marketing products in Nepal, there are examples of a company’s logo or symbol effectively combining a social agenda with strong branding.
Ace Development Bank’s adoption of the endangered Asiatic one-horned rhinoceros last year as its mascot is now regarded as a successful case study in marketing with a conscience.
Ace decided on the rhino because the animal’s body armour and size gives it the image of power, strength and stability. However, the fact that it is being poached nearly into extinction also gave the bank a “green” image. Ace used ‘Innovation and Integrity’ as its tagline and used the rhino logo to brand its new Ace Rhino Deposit account designed to influence children as and adults to develop a saving habit.
More than a year into the campaign, Ace Development Bank CEO Siddhant Pandey (pictured, above) admits the ad may have been a little ahead of its time because the concept of mascots has not really caught on in Nepal yet.
“We are still very product-driven in our ads, whereas in the west people identify with mascots and symbols more,” Pandey told Nepali Times, “there were actually people who asked why our rhino was standing on two legs.”
The ad campaign in the print and electronic media included a state-of-the-art animation by Incessant Rain in which the cute anthropomorphism of the rhino was a hit, especially with children. “The kids absolutely love our advertisement, and we’ve heard they don’t let their parents change the channel when it is being broadcast,” says Pandey. Interestingly, the animation of a squirrel storing nuts did seem to go over the heads of other, older, Nepali viewers.
The honeymoon suite concept has caught the attention of the international media and the story has travelled worldwide. This could translate also into added funding for rhino conservation.
There is, however, more muted response within Nepal where mascot branding is a new concept. Says Pandey: “The function of the mascot is to create awareness of conservation issues while at the same time helping the bank brand, and I think we have communicated that message.”
(news source:nepalitimes.com)
Ace Development Bank’s adoption of the endangered Asiatic one-horned rhinoceros last year as its mascot is now regarded as a successful case study in marketing with a conscience.
Ace decided on the rhino because the animal’s body armour and size gives it the image of power, strength and stability. However, the fact that it is being poached nearly into extinction also gave the bank a “green” image. Ace used ‘Innovation and Integrity’ as its tagline and used the rhino logo to brand its new Ace Rhino Deposit account designed to influence children as and adults to develop a saving habit.
More than a year into the campaign, Ace Development Bank CEO Siddhant Pandey (pictured, above) admits the ad may have been a little ahead of its time because the concept of mascots has not really caught on in Nepal yet.
“We are still very product-driven in our ads, whereas in the west people identify with mascots and symbols more,” Pandey told Nepali Times, “there were actually people who asked why our rhino was standing on two legs.”
The ad campaign in the print and electronic media included a state-of-the-art animation by Incessant Rain in which the cute anthropomorphism of the rhino was a hit, especially with children. “The kids absolutely love our advertisement, and we’ve heard they don’t let their parents change the channel when it is being broadcast,” says Pandey. Interestingly, the animation of a squirrel storing nuts did seem to go over the heads of other, older, Nepali viewers.
The honeymoon suite concept has caught the attention of the international media and the story has travelled worldwide. This could translate also into added funding for rhino conservation.
There is, however, more muted response within Nepal where mascot branding is a new concept. Says Pandey: “The function of the mascot is to create awareness of conservation issues while at the same time helping the bank brand, and I think we have communicated that message.”
(news source:nepalitimes.com)
Share listed today
Bonus Share of Universal Finance Limited
132201 kitta Bonus Share of the company with serial no. 1313788 to 1445988 has been listed in NEPSE.
Bonus Share of Bagheswori Development Bank Limited
99000 kitta Bonus Share of the company with serial no. 495001 to 594000 has been listed in NEPSE.
Right Share of CMB Finance Limited
721990 kitta Right Share of the company with serial no. 750511 to 1501020 has been listed in NEPSE.
Bonus Share of Infrastructure Development Bank Limited
320000 kitta Bonus Share of the company with serial no. 3200001 to 3520000 has been listed in NEPSE.
132201 kitta Bonus Share of the company with serial no. 1313788 to 1445988 has been listed in NEPSE.
Bonus Share of Bagheswori Development Bank Limited
99000 kitta Bonus Share of the company with serial no. 495001 to 594000 has been listed in NEPSE.
Right Share of CMB Finance Limited
721990 kitta Right Share of the company with serial no. 750511 to 1501020 has been listed in NEPSE.
Bonus Share of Infrastructure Development Bank Limited
320000 kitta Bonus Share of the company with serial no. 3200001 to 3520000 has been listed in NEPSE.
Right share auction allotment of Sunrise Bank Limited
| S.n | Reg no | Name | Apply kitta | Rate | Allotment Kitta |
| 1 | 58 | Subhas Thamsuhang | 100 | 299 | 100 |
| 2 | 783 | Vivek Dugar | 1,000 | 227 | 1000 |
| 3 | 785 | Nidhi Dugar | 4,300 | 227 | 4300 |
| 4 | 786 | Pooja Dugar | 4,300 | 227 | 4300 |
| 5 | 787 | Shradha Dugar | 4,300 | 227 | 4300 |
| 6 | 788 | Saroj Dugar | 1,000 | 227 | 1000 |
| 7 | 103 | Shree Krishna Dangol | 100 | 225 | 100 |
| 8 | 536 | Malchand Dugar | 11,070 | 225 | 11070 |
| 9 | 542 | Surendra Dugar | 13,000 | 224 | 13000 |
| 10 | 544 | Surendra Dugar | 13,270 | 223.25 | 13270 |
| 11 | 539 | Malchand Dugar | 15,000 | 223 | 15000 |
| 12 | 316 | Nirmala Lamichhane | 4,440 | 222.64 | 4440 |
| 13 | 540 | Malchand Dugar | 15,330 | 222 | 15330 |
| 14 | 543 | Surendra Dugar | 12,000 | 222 | 12000 |
| 15 | 541 | Surendra Dugar | 13,270 | 221.25 | 13270 |
| 16 | 121 | Dinkar Dugar | 610 | 221 | 610 |
| 17 | 538 | Malchand Dugar | 15,000 | 221 | 14991 |
| 18 | 784 | Manisha Dugar | 4,510 | 221 | 4500 |
| Total | 132551 | ||||
Citizen Bank cash dividend distribution notice
The Elite Capital will distribute 12.63% cash dividend of Citizen Bank International according to the following schedule.
Distribution time:
Sunday to Thrusday:10:00 to 03:00
Friday:10:00 to 01:30
Place:
Elite Capital Limited
Rastriya Nachghar, Third Floor
Jamal, Kathmandu
| DATE | SHARE HOLDER NO. | |
| FROM | TO | |
| 2067/06/10 and 2067/06/25 | 1001 | 7000 |
| 2067/06/11 and 2067/06/26 | 7001 | 13000 |
| 2067/06/12 and 2067/06/27 | 13001 | 19000 |
| 2067/06/13 and 2067/07/03 | 19001 | 25000 |
| 2067/06/14 and 2067/07/04 | 25001 | 31000 |
| 2067/06/15 and 2067/07/05 | 31001 | 37000 |
| Saturday | Saturday | Saturday |
| 2067/06/17 and 2067/07/07 | 37001 | 43000 |
| 2067/06/18 and 2067/07/08 | 43001 | 50000 |
| 2067/06/19 and 2067/07/09 | 50001 | 56000 |
| 2067/06/20 and 2067/07/10 | 56001 | 62000 |
| 2067/06/21 and 2067/07/11 | 62001 | 69000 |
| 2067/06/24 and 2067/07/12 | 69001 | Above all |
Sunday to Thrusday:10:00 to 03:00
Friday:10:00 to 01:30
Place:
Elite Capital Limited
Rastriya Nachghar, Third Floor
Jamal, Kathmandu
Book closure of Kumari Bank Limited
Kumari Bank Limited will close it’s book on 18 Ashoj 2067 in order to issue 20:3 right share
Lumbini Bank Limited: Right share auction
Right share auction of Lumbini Bank Limited
Total right share to auction:36,419
Issue Manager: Gorwmore Merchant Banker
open:2067/06/15
close:2067/06/24
Maximum share to apply:5000
Total right share to auction:36,419
Issue Manager: Gorwmore Merchant Banker
open:2067/06/15
close:2067/06/24
Maximum share to apply:5000
Sunrise auction money return from today
The issue manager Civil Capital will return money of Sunrise Bank Limited auction money from today (2067/06/12
CDS help for Nepse
Indian Ambassador Rakesh Sood handed over over cheque worth Rs 51.2 million to chairman of Nepal Stock Exchange Ltd (Nepse) Tanka Paneru for putting in place the Central Depository System (CDS) for Nepse. This grant will be used in software development for CDS. The software worth Rs 132.8 million is being developed by CME India Ltd. The CDS regulation has been passed by Securities Board of Nepal and is awaiting approval from the Finance Ministry. Nepse has also started procurement of hardware. CME has completed initial design and is undertaking testing.
(news source:thehimalayantimes.com)
(news source:thehimalayantimes.com)
ADB extends branch office in Pokhara
The Agricultural Development Bank (ADB) opened its 116th banking office at Chipledhunga, Pokhara, on Monday. This is the 26th branch office of the bank in Gandaki and Dhaulagiri zones and the 15th branch to begin the banking services.
Inaugurating the branch, chief executive officer Shyam Singh Pandey promised to upgrade its services of the bank as per the time.
The bank has Rs. 13 billion authorised capital, Rs. 33 billion deposit and Rs. 40 billion loan investment.
The bank is planning to open banking offices at Lakeside of Pokhara and Waling of Syangja within this fiscal year
(news source:thehimalayantimes.com)
Inaugurating the branch, chief executive officer Shyam Singh Pandey promised to upgrade its services of the bank as per the time.
The bank has Rs. 13 billion authorised capital, Rs. 33 billion deposit and Rs. 40 billion loan investment.
The bank is planning to open banking offices at Lakeside of Pokhara and Waling of Syangja within this fiscal year
(news source:thehimalayantimes.com)
Triveni Bikas Bank: AGM and book closure
7th annual general meeting of Triveni Bikas Bank Limited will be held according to following date and time.
Date: 2067/07/12 (as of 29 Oct. 2010)
Place: Udyog Banidjya Sang Building, Narayangad, Chitwan
Time: 11:00 am
Book close:2067/06/21 to 2067/07/12 Agenda:
18% bonus share, 2:1 right share, annual report, etc.
Date: 2067/07/12 (as of 29 Oct. 2010)
Place: Udyog Banidjya Sang Building, Narayangad, Chitwan
Time: 11:00 am
Book close:2067/06/21 to 2067/07/12 Agenda:
18% bonus share, 2:1 right share, annual report, etc.
Sagarmatha Merchant Banking and Finance Ltd
Sagarmatha Merchant Banking and Finance Ltd (SMBFL) introduced saving account Karmachari Bchat Yojana for working people, offering 10.5 per cent interest rate. Another account Sambridhi Bachat Khata offers 11.5 per cent interest on daily deposits. However, the minimum balance of the account should be Rs 300,000. The accounts can be opened with one rupee and there are no restrictions on deposit and withdraw limit on the two new accounts.
(news source:thehimalayantimes.com)
(news source:thehimalayantimes.com)
Birgunj Finance Limited
Birgunj Finance Ltd (BFL) posted an operating profit of Rs 89.1 million in 2009-10. It has collected a deposit of Rs 2.47 billion and floated credit worth Rs 2.25 billion, said the company that celebrated seventh anniversary recently.
(News source:thehimalayantimes.com)
(News source:thehimalayantimes.com)
Book closure of Sagarmatha Merchant Banking and Finance ltd
Sagarmatha Merchant Banking and Finance Ltd will book close on 2067/06/21 inorder to issue 1:1 right share
Promoter share of Samjhana Finance limited on auction (SFCPO)
709 kitta of Promoter share of Samjhana Finance limited (SFCPO) is on auction. Last day to apply 2067/06/19 till 4 pm. Opening day 2067/06/21
Disqualified only, not disheartened
Some of the applicants, disqualified by Nepal Stock Exchange (Nepse) for the new share brokers’ written test, have jointly approached Nepse and requested it to reconsider their disqualification.
“Among the 25 disqualified applicants, six to seven applicants have jointly applied for reconsideration of their applications to the examination committee,” said Shanker Man Singh, General Manager of Nepse.
However, he did not divulge the names. “The committee is seeking legal advice on the matter,” he said, saying 137 applicants who have been asked to attend the written test will have no bearing of this development.
For the written objective test on October 11, an expert panel will frame 30 questions under seven topics and then the group of moderators will prepare ten sets of question papers, among which only one will be picked up via a lucky draw. Finally, Nepse will select 34 applicants based on the test results. However, the final 27 will be chosen by Nepse’s regulatory body Securities Board of Nepal (Sebon). The selected brokerage houses will, apparently, be then trained by Nepse and start the operation within next 2-3 months. In order to avoid any manipulations, Nepse is using Optical Magnetic Readable (OMR) system to asses the test. Thus, the result will be published instantaneously leaving no loopholes. Nepse has termed attempts at influencing the examination proceedings futile, given the transparency of the whole proceedings.
“The transparency will ensure that no one can bully his way through political pressures,” said Singh. When the selection process halted in February 2008 by the Commission for Investigation of Abuse of Authority (CIAA), questioning the transparency of the process, Nepse had already selected 316 candidates from 336 applicants. They were to go through the test of 25 marks.
However, when Nepse asked the aspirants to restate their eligibility as per the required criteria in August this year, only 162 companies reapplied.
news source:thehimalayantimes.com
“Among the 25 disqualified applicants, six to seven applicants have jointly applied for reconsideration of their applications to the examination committee,” said Shanker Man Singh, General Manager of Nepse.
However, he did not divulge the names. “The committee is seeking legal advice on the matter,” he said, saying 137 applicants who have been asked to attend the written test will have no bearing of this development.
For the written objective test on October 11, an expert panel will frame 30 questions under seven topics and then the group of moderators will prepare ten sets of question papers, among which only one will be picked up via a lucky draw. Finally, Nepse will select 34 applicants based on the test results. However, the final 27 will be chosen by Nepse’s regulatory body Securities Board of Nepal (Sebon). The selected brokerage houses will, apparently, be then trained by Nepse and start the operation within next 2-3 months. In order to avoid any manipulations, Nepse is using Optical Magnetic Readable (OMR) system to asses the test. Thus, the result will be published instantaneously leaving no loopholes. Nepse has termed attempts at influencing the examination proceedings futile, given the transparency of the whole proceedings.
“The transparency will ensure that no one can bully his way through political pressures,” said Singh. When the selection process halted in February 2008 by the Commission for Investigation of Abuse of Authority (CIAA), questioning the transparency of the process, Nepse had already selected 316 candidates from 336 applicants. They were to go through the test of 25 marks.
However, when Nepse asked the aspirants to restate their eligibility as per the required criteria in August this year, only 162 companies reapplied.
news source:thehimalayantimes.com
NRB Building Database Of Investors In BFIs Mulls Restriction In Cross-holding
Nepal Ratsra Bank (NRB) has started collecting the names of the promoters and general shareholders of the banks and financial institutions (BFIs) with the objective of building a clear database of investors and monitoring the status of cross-holding in the banking and financial system.
At present, the central bank has records of only the promoters who hold more than 2 percent shares in BFIs. This means, it is largely unaware of the status of cross-holding of smaller promoters in the banking system
news source:myrepublica.com
At present, the central bank has records of only the promoters who hold more than 2 percent shares in BFIs. This means, it is largely unaware of the status of cross-holding of smaller promoters in the banking system
news source:myrepublica.com
Arun Finance Limited: share certificate
The issue manager Civil Capital market Limited will distribute ordinary share certificate of Arun Finance Limited from 2067/06/17
Bonus Share and Cash Dividend of Shree Investment and Finance Company Limited
The BOD meeting of the company dated 2067-06-12 has decided to provide 15% Bonus Share and 8.16% Cash Dividend on subject to approval from concerned authorities and upcomign AGM which is going to be held on 2067-07-12
Cash Dividend of Fewa Finance Limited
The BOD meeting of the company dated 2067/06/13 has decided to give 15.79% cash dividend subject to approval from NRB and its upcoming AGM
Araniko Development Bank: Ordinary share certificate
The issue manager Growmore Merchant Banker Limited will distribute ordinary share certificate of Araniko Development Bank from 2067 Ashwin 17, sunday. (As of 3 Oct. 2010
Annapurna Finance: notice
The BOD meeting of Annapurna Finance company announce a notice regarding 11% cash dividend to be given to share holders from the profit of FY 2066/67
Sunday, November 21, 2010
Notice: AGM of Nabil Bank Limited
AGM of Nabil Bank: 11 Oct. 2010 (As of Ashwin 25, 2067 monday)
Time:11:30 AM
Book close:2067/06/11 to 2067/06/25
Time:11:30 AM
Book close:2067/06/11 to 2067/06/25
Nepal Investment Bank: AGM
The AGM of Nepal Investment Bank Limited.
Date: Ashoj 27, 2067 (As if 13 Oct, 2010) Wednesday
Time: 10:00 Am
Place: Rastriya shavagriya, Pradashani Marga, Kathmandu
Date: Ashoj 27, 2067 (As if 13 Oct, 2010) Wednesday
Time: 10:00 Am
Place: Rastriya shavagriya, Pradashani Marga, Kathmandu
Cash dividend: Business Development Bank Limited
usiness Development Bank Limited going to distribute cash dividend from today.
NMB Bank: AGM
15th AGM of NMB Bank will be held on following date and time.
Date: 24 Ashwin 2067 (As of 10 Oct. 2010)
Time: 10:00 Am
Place: Nepal Prasasanik prashichand prathisthan, Jaulakhel, Lalitpur
Book close: Ashwin 10 to Ashwin 24 2067
Date: 24 Ashwin 2067 (As of 10 Oct. 2010)
Time: 10:00 Am
Place: Nepal Prasasanik prashichand prathisthan, Jaulakhel, Lalitpur
Book close: Ashwin 10 to Ashwin 24 2067
Cash Dividend: Mahalaxmi Finance Limited
The BOD meeting of the company dated 2067-06-16 has decided to distribute 7.75 percent cash dividend on subject to approval from concerned authorities and its upcoming AGM.
Mutual Funds knock on door
Though the capital market has been stable for the last few weeks the market index has been hovering around 400 points. The market lost 3.27 points last week when Nepal Stock Exchange (NEPSE) index settled at 403.15 points on Thursday from 406.41 points on Sunday. However, the capital market saw a major development last week i.e. the introduction of mutual funds regulation. It has paved the way for establishment of mutual funds whose need has been felt for long to manage stocks of small investors.
Last week, the indices of seven sub-groups plunged and pulled down the secondary market. With a loss of 18.11 points, the group of insurance companies suffered the most followed by others sector and trading companies that dropped 10.57 points and 10.20 points, respectively. The finance companies, hotels, hydropower companies and commercial banks also slipped by 2.18 points, 0.61 point, 0.44 point and 0.09 point, respectively. The development banks’ sub-group was the lone gainer in the week, posting a small gain of 0.12 point, while manufacturing and processing companies did not see a change in their sub-indexes.
“It’s not a new factor, this rise and fall in the index,” said Jagadish Agrawal, stock expert. He pointed to economic constraints as a result of the lack of a full budget. Despite an increase in the number of shares on the trading floor, the market turnover dropped by 4.60 percent. The secondary market could realise just Rs 210.69 million in contrast to Rs 220.86 million the previous week. Meanwhile, the number of shares traded soared with an increased number of companies on the trading floor. A total of 784,537 shares of 108 companies changed hands through 5,889 transactions. The previous week, just 541,130 shares of 98 companies had been traded through 4,195 transactions.
During the week, Nepal Bangladesh Bank captured pole position in terms of highest turnover and highest number of shares traded. The bank witnessed the trading of 429,000 shares amounting to Rs 82.45 million. With 823 transactions over the week, City Development Bank registered the highest number of transactions. The domestic stock exchange registered the listing of total of 495,539 units of bonus shares and rights shares of insurance companies and development banks over the week. At a time when the stock market is in a bearish mode, the introduction of mutual fund regulation has sparked hope in the secondary market. Stock analysts have welcomed the introduction of the regulation but are skeptical of some provisions of the regulation. “The space allocated for investment is low compared to huge paid-up capital requirements,” Agrawal said. As per the regulation, companies running mutual fund companies should have a minimum paid-up capital of Rs 1 billion and the investment in the stock market should not exceed 10 percent of the capital. “The demand in the secondary market is expected to rise with the establishment of mutual fund companies but limited space for investment may not be helpful in realizing expectations,” said Agrawal.
Nanda Kishore Mundada, president of Nepal Stockbrokers’ Association, termed the requirement of huge paid-up capital impractical. “The insurance companies apart from banks and financial institutions are interested in opening mutual funds, but the amount of paid-up capital requirement might deter them,” he said. The stock regulator, however, has a different view. Surbir Poudel, chairman of the Securities Board of Nepal, said relatively higher amount of paid-up capital was fixed in order to to discourage the trend of establishing mutual funds on a bandwagon.
(news source: ekantipur.com)
Last week, the indices of seven sub-groups plunged and pulled down the secondary market. With a loss of 18.11 points, the group of insurance companies suffered the most followed by others sector and trading companies that dropped 10.57 points and 10.20 points, respectively. The finance companies, hotels, hydropower companies and commercial banks also slipped by 2.18 points, 0.61 point, 0.44 point and 0.09 point, respectively. The development banks’ sub-group was the lone gainer in the week, posting a small gain of 0.12 point, while manufacturing and processing companies did not see a change in their sub-indexes.
“It’s not a new factor, this rise and fall in the index,” said Jagadish Agrawal, stock expert. He pointed to economic constraints as a result of the lack of a full budget. Despite an increase in the number of shares on the trading floor, the market turnover dropped by 4.60 percent. The secondary market could realise just Rs 210.69 million in contrast to Rs 220.86 million the previous week. Meanwhile, the number of shares traded soared with an increased number of companies on the trading floor. A total of 784,537 shares of 108 companies changed hands through 5,889 transactions. The previous week, just 541,130 shares of 98 companies had been traded through 4,195 transactions.
During the week, Nepal Bangladesh Bank captured pole position in terms of highest turnover and highest number of shares traded. The bank witnessed the trading of 429,000 shares amounting to Rs 82.45 million. With 823 transactions over the week, City Development Bank registered the highest number of transactions. The domestic stock exchange registered the listing of total of 495,539 units of bonus shares and rights shares of insurance companies and development banks over the week. At a time when the stock market is in a bearish mode, the introduction of mutual fund regulation has sparked hope in the secondary market. Stock analysts have welcomed the introduction of the regulation but are skeptical of some provisions of the regulation. “The space allocated for investment is low compared to huge paid-up capital requirements,” Agrawal said. As per the regulation, companies running mutual fund companies should have a minimum paid-up capital of Rs 1 billion and the investment in the stock market should not exceed 10 percent of the capital. “The demand in the secondary market is expected to rise with the establishment of mutual fund companies but limited space for investment may not be helpful in realizing expectations,” said Agrawal.
Nanda Kishore Mundada, president of Nepal Stockbrokers’ Association, termed the requirement of huge paid-up capital impractical. “The insurance companies apart from banks and financial institutions are interested in opening mutual funds, but the amount of paid-up capital requirement might deter them,” he said. The stock regulator, however, has a different view. Surbir Poudel, chairman of the Securities Board of Nepal, said relatively higher amount of paid-up capital was fixed in order to to discourage the trend of establishing mutual funds on a bandwagon.
(news source: ekantipur.com)
Govt approves CDS Regulations
The Ministry of Finance (MoF) has approved the Central Depository System (CDS) Regulations that aims to modernize the trading of securities in the secondary market.
The Ministry Sunday informed Securities Board of Nepal (SEBON) – the capital market regulator — about the approval of the regulations.
“The Ministry of Finance Sunday informed us that the CDS Regulations has been approved. We will inform later on from when the regulations will come into effect,” Shurbir Poudel, the chairman of SEBON, told Republica.
By approving the CDS Regulations, the government has paved the way for starting CDS Company as per the Securities Act, 2006. Nepal Stock Exchange (Nepse) will have 51 percent in the to-be-formed company, while some banks and financial institutions will hold the remaining stake.
“We have already completed necessary preparations to set up the CDS Company. We will start the process of registering the company once we are formally informed about the approval of the regulations,” said Shankar Man Singh, the general manager of Nepse. He further informed that almost 75 percent work of the works related to developing CDS software has been completed so far. “We are hopeful that we will be able to commence start CDS System within four months,” he added.
The Indian government has expressed commitment to provide about Rs 150 million to set up CDS — the online based trading system — that enables trading of stock without any paper work. The proposed CDS Company will have a paid-up capital of Rs 300 million.
Nepse officials said CDS would make ownership transfer of securities fast and reliable and maintain data base of investors in a more scientific way with computer based trading.
Once CDS comes into effect, investors can transfer ownership of stocks in just a few seconds.
As per the newly approved regulations, CDS Company can open branches in different parts of the country and can set up transaction settlement fund with the seed money of Rs 10 million. It will collect Rs 3 per transaction from the investors.
According to the regulations, investors can deposit government bonds and bank deposit certificates in CDS Company for trading, transaction settlement and transfer of ownership.
(news source:myrepublica.com)
The Ministry Sunday informed Securities Board of Nepal (SEBON) – the capital market regulator — about the approval of the regulations.
“The Ministry of Finance Sunday informed us that the CDS Regulations has been approved. We will inform later on from when the regulations will come into effect,” Shurbir Poudel, the chairman of SEBON, told Republica.
By approving the CDS Regulations, the government has paved the way for starting CDS Company as per the Securities Act, 2006. Nepal Stock Exchange (Nepse) will have 51 percent in the to-be-formed company, while some banks and financial institutions will hold the remaining stake.
“We have already completed necessary preparations to set up the CDS Company. We will start the process of registering the company once we are formally informed about the approval of the regulations,” said Shankar Man Singh, the general manager of Nepse. He further informed that almost 75 percent work of the works related to developing CDS software has been completed so far. “We are hopeful that we will be able to commence start CDS System within four months,” he added.
The Indian government has expressed commitment to provide about Rs 150 million to set up CDS — the online based trading system — that enables trading of stock without any paper work. The proposed CDS Company will have a paid-up capital of Rs 300 million.
Nepse officials said CDS would make ownership transfer of securities fast and reliable and maintain data base of investors in a more scientific way with computer based trading.
Once CDS comes into effect, investors can transfer ownership of stocks in just a few seconds.
As per the newly approved regulations, CDS Company can open branches in different parts of the country and can set up transaction settlement fund with the seed money of Rs 10 million. It will collect Rs 3 per transaction from the investors.
According to the regulations, investors can deposit government bonds and bank deposit certificates in CDS Company for trading, transaction settlement and transfer of ownership.
(news source:myrepublica.com)
United Finance Limited:16th AGM and book closure
105th BOD meeting of the company decided to do AGM on following date,time and place.
Date: 2067 kartik 10 (As of 27 Oct 2010)
Time: 4:00 pm
Place: Nepal Tourism Board building, Pradasni Marga, Kathmandu
Book close: 25 Ashwin 2067
Date: 2067 kartik 10 (As of 27 Oct 2010)
Time: 4:00 pm
Place: Nepal Tourism Board building, Pradasni Marga, Kathmandu
Book close: 25 Ashwin 2067
Bank of Kathmandu: Cash distribution notice
The AGM held yesterday, Bank of Kathmandu decided to distribute 15% cash dividend according to the following schedule
ICFC Finance Limited: 7th AGM
The AGM of ICFC Finance Limited will be held on following date and time.
Date: 2067 Kartik 14 (As of 31 Oct. 2010)
Time: 11:00 Am
Date: 2067 Kartik 14 (As of 31 Oct. 2010)
Time: 11:00 Am
Reliable Finance: Book closure
The book close of Reliable Finance to issue 1:1 right share is on following date.
2067/07/08
2067/07/08
Everest Bank Limited: Cash dividend & bouns share certificate
Everest Bank Limited is distributing cash dividend and bonus share certificate
BoK holds AGM
The 16th AGM of Bank of Kathmandu (BoK) on Sunday approved 15 per cent bonus shares and 15 per cent cash dividend to its shareholders. While highlighting the Bank’s overall progress in the fiscal year 2009-10, chairman of the Bank, Narendra Kumar Basnyat said that the bank has managed to earn a net profit of around Rs 510 million in the fiscal year, which is an increment of 10 per cent compared to a fiscal ago. The total deposits at the end of the last fiscal year stood at Rs 20 billion, an increment of 12 per cent compared with a fiscal year ago. Similarly, loans and advances increased by 14 per cent at the end of 2009-10 with total lending of Rs 17 billion. During the period the Bank also added nine new branches which takes the total number of its branches to 37. The bank also runs six service counters and a network of 41 ATM counters across the country.
Cash Dividend of Global Bank Limited
The BOD meeting of the company dated 2067/06/15 has decided to give 5% cash dividend subject to approval from NRB and its upcoming AGM.
Book Closure of ICFC Bittiya Sanstha Ltd.
The company has decided its book closure date from 2067/06/24 to 2067/07/14 for its 7th AGM which is going to be held on 2067/07/14.
Book Closure of Reliable Finance Limited
The BOD meeting of the company dated 2067/06/17 has decided its book closure date as 2067/07/08 for issuance of 1:1 right share
Tinau: Money return
Tinau Bikas Bank starts to return money to it’s alloted and non alloted applicants
Ace allots JBBL shares
Ace Capital Ltd, a subsidiary of Ace Development Bank Ltd and an Issue Manager has successfully allotted 29,20,000 ordinary shares of Jyoti Bikas Bank Ltd at the face value of Rs 100 per unit on Tuesday. The IPO was held from Srawan 31 to Bhadra 3 for which 120,723 had applied for 17,803,773 shares. A minimum of 10 shares and a maximum of 650 shares were allotted
(source:thehimalayantimes.com)
(source:thehimalayantimes.com)
New NIC branch
NIC Bank has opened its 27th branch at Hariwan in the Sarlahi district. The branch will provide full-range of products and services including Internet banking as it is connected to all other branches through an optical fibre/V-SAT network, enabling real-time on-line connectivity. The bank also announced a cash dividend of 26.32 per cent for the year 2009-10, subject to approval of Nepal Rastra Bank and the bank’s AGM.
(source:thehimalayantimes.com)
(source:thehimalayantimes.com)
Arun Valley dividend
The board of directors’ meeting of Arun Valley Hydropower Development Company has proposed 10 per cent bonus shares and 37 per cent cash dividend to the shareholders of the company. “The decision is subject to the company’s AGM,” said the company that is the youngest hydropower company among four the listed hydropower companies.
(source;thehimalayantimes.com)
(source;thehimalayantimes.com)
Nirdhan Utthan Bank Limited: Right Share
Nirdhan Utthan Bank Limited will open it’s right share to share holders as follows:
Total share kitta: 5,50,000
Ratio: 2:1
Open: 2067/07/05
Close: 2067/08/09
Issue manager: Growmore Merchant Banker Limited.
Note: Those who have buyed share from secondary market before 2067/06/07 can only have right to apply right share of this bank.
Nirdhan Utthan Bank Limited
ward no- 7, Himalipath, Siddhartha Nagar,
Rupandehi, Nepal
Ph- 071-523764, Fax-071-521647
E-mail: nubl@ntc.net.np
Total share kitta: 5,50,000
Ratio: 2:1
Open: 2067/07/05
Close: 2067/08/09
Issue manager: Growmore Merchant Banker Limited.
Note: Those who have buyed share from secondary market before 2067/06/07 can only have right to apply right share of this bank.
Nirdhan Utthan Bank Limited
ward no- 7, Himalipath, Siddhartha Nagar,
Rupandehi, Nepal
Ph- 071-523764, Fax-071-521647
E-mail: nubl@ntc.net.np
Unilever Nepal Limited: Dividend Notice
Unilever Nepal Limited had publish notice regarding dividend to it’s share holders. Contact address of Unilever Nepal Limited at Kathmandu is as follows:
Unilever Nepal Limited
Heritage Plaza, Kamaladi,
Kathmandu.
Ph- 4253351/4269218
Note: Share register of this company is NIDC Capital Markets Limited. Share holders can collect dividend of previous years from there.
Unilever Nepal Limited
Heritage Plaza, Kamaladi,
Kathmandu.
Ph- 4253351/4269218
Note: Share register of this company is NIDC Capital Markets Limited. Share holders can collect dividend of previous years from there.
Kist Bank Limited: 9th AGM
The 9th Annual General Meeting of Kist Bank Limited will happen on following date and time.
Date: 2067 Kartik 13
Time: 11:00
Place: staff Collage, Jaulakhel, Lalitpur.
Book close: 2067/06/26/ to 2067/07/13
Agenda: 5% dividend, annual report and so on.
Note: This bank had cancel to issue 1:1.5 right share, which been announced by company on it’s 8th AGM
Date: 2067 Kartik 13
Time: 11:00
Place: staff Collage, Jaulakhel, Lalitpur.
Book close: 2067/06/26/ to 2067/07/13
Agenda: 5% dividend, annual report and so on.
Note: This bank had cancel to issue 1:1.5 right share, which been announced by company on it’s 8th AGM
Merchant Finance company Limited: Promoter share auction
This Bank had announce auction for 4,09,140 kitta share(Promoter).
Open date: 2067/06/20
Close date: 2067/06/24
Auction allotment date: 2067/06/25. Time: 5:30, Place: Growmore Merchant Banker, Durbar Marga
Open date: 2067/06/20
Close date: 2067/06/24
Auction allotment date: 2067/06/25. Time: 5:30, Place: Growmore Merchant Banker, Durbar Marga
Prabhu Finance Company Limited: Right share
Prabhu Finance Company Limited will open it’s right share to share holders as follows:
Total share kitta:12,00,000
Ratio:2:1
Open: 2067/07/11
close: 2067/08/15
Share register: Nabil Investment Banking Limited, Chabahil,kathmandu.
Note: Those who have buyed share from secondary market before 2067/06/15 can only have right to apply right share of this bank
Total share kitta:12,00,000
Ratio:2:1
Open: 2067/07/11
close: 2067/08/15
Share register: Nabil Investment Banking Limited, Chabahil,kathmandu.
Note: Those who have buyed share from secondary market before 2067/06/15 can only have right to apply right share of this bank
Finance co. in troubled waters
Nepal Rastra Bank (NRB) on Tuesday froze the bank accounts of directors and senior officers of crisis-ridden Samjhana Finance while its directors have promised to give back up to Rs 10 million to depositors by next Sunday.
During a meeting between company directors and depositors held at the NRB premises an agreement was reached in this regard. The directors will give back deposits by collecting money from themselves as a part of their obligation to inject capital for rights shares to be issued soon.
After the company officials sensed inability to give back deposits on Monday as promised earlier, they kept away from their offices. The company had promised to give 33 percent of fixed deposits and 10 percent of saving accounts. When the depositors reached the company office on Monday, they were shell-shocked to find the senior officials absent.
Their wait for finance officials the entire day went in vain as no official turned up. On Tuesday, they picketed
the Nepal Rastra Bank (NRB) seeking
the central bank’s help for withdrawal of their deposits.
“Protesting depositors and directors of the finance company reached an agreement at the meeting held inside the central bank premise to give back the money to the depositors from directors’ coffer,” said a senior NRB official who participated in the meeting between the two sides. Five directors of the company including its chairman and managing director participated, according to NRB officials. The annual general meeting of the finance company held three months ago had decided to issue rights share on the basis of 1:2 ratio. It means, the directors will collect capital double of their existing shares and that will be used for paying deposits back. While issuing rights shares, the directors should first put money.
After the central bank declared the company crisis-ridden on June 10, it was barred from collecting deposits and providing loans. It should give back deposits on the basis of recovery of good and bad loans and by selling the non-banking assets (fixed assets acquired by banks from the loanees).
The bank was providing deposits back on the basis of maximum Rs 10,000 for savings depositors following the bank being declared crisis-ridden. The fixed depositors had been called to get back their deposits on Monday.
The NRB board meeting on Tuesday also decided to prepare a due diligent report of the finance company. Tirtha Maya Maharjan had deposited Rs 100,000 in fixed deposits and her two sons had deposits of Rs 2000 each in the company. Her sister’s son who is physically challenged has deposits of Rs 14,000 in the company. She had deposited money there because the finance company’s branch was near her house.
Another woman depositor complained that she feared losing deposits of Rs 350,000 deposited by herself and her two sisters in fixed deposits. Her deposits matured in mid-September but the finance company was asking her to wait in the absence of cash.
Anju Tuladhar of New Road failed
to get her money back since May
despite maturity of her fixed deposits. She has Rs 300,000 in fixed deposits. She had managed to get just Rs 20,000 in two times over the period.
Purna Devi Maharjan of Jyatha fears losing deposits of Rs 650,000 deposited by herself, her mother and mother-in-law. Amar Tamrakar of Haugol, Lalitpur has a similar story to tell as he has not got his deposits since last two months. He has Rs. 100,000 in fixed deposits and Rs 60,000 in savings at Samjhana.
Even the employees of the Rastriya Banijya Bank and Nepal Bank have deposited hefty amount of money in the crisis ridden bank. An RBB employee said she was unaware of the company’s status. The company’s financial position is still weak with its capital fund negative at 29 percent lately, according to a senior NRB official. The capital fund was negative 35.04 percent when it was declared crisis-ridden four months ago.
The company has been able to collect around Rs 90 million from loans and non-banking assets after it was declared crisis-ridden, the NRB official said. “ “It has been returning money to depositors as well.” While declaring the company crisis-ridden, the central bank had told it to reduce its non performing loans to below five percent and capita fund to positive by 11 percent as per the requirement of Basel-II within six months.
NRB also directed it to recover all loans that were given without collateral and remained insecure and to allow withdrawal of matured fixed deposits.
news source:ekantipur.com
During a meeting between company directors and depositors held at the NRB premises an agreement was reached in this regard. The directors will give back deposits by collecting money from themselves as a part of their obligation to inject capital for rights shares to be issued soon.
After the company officials sensed inability to give back deposits on Monday as promised earlier, they kept away from their offices. The company had promised to give 33 percent of fixed deposits and 10 percent of saving accounts. When the depositors reached the company office on Monday, they were shell-shocked to find the senior officials absent.
Their wait for finance officials the entire day went in vain as no official turned up. On Tuesday, they picketed
the Nepal Rastra Bank (NRB) seeking
the central bank’s help for withdrawal of their deposits.
“Protesting depositors and directors of the finance company reached an agreement at the meeting held inside the central bank premise to give back the money to the depositors from directors’ coffer,” said a senior NRB official who participated in the meeting between the two sides. Five directors of the company including its chairman and managing director participated, according to NRB officials. The annual general meeting of the finance company held three months ago had decided to issue rights share on the basis of 1:2 ratio. It means, the directors will collect capital double of their existing shares and that will be used for paying deposits back. While issuing rights shares, the directors should first put money.
After the central bank declared the company crisis-ridden on June 10, it was barred from collecting deposits and providing loans. It should give back deposits on the basis of recovery of good and bad loans and by selling the non-banking assets (fixed assets acquired by banks from the loanees).
The bank was providing deposits back on the basis of maximum Rs 10,000 for savings depositors following the bank being declared crisis-ridden. The fixed depositors had been called to get back their deposits on Monday.
The NRB board meeting on Tuesday also decided to prepare a due diligent report of the finance company. Tirtha Maya Maharjan had deposited Rs 100,000 in fixed deposits and her two sons had deposits of Rs 2000 each in the company. Her sister’s son who is physically challenged has deposits of Rs 14,000 in the company. She had deposited money there because the finance company’s branch was near her house.
Another woman depositor complained that she feared losing deposits of Rs 350,000 deposited by herself and her two sisters in fixed deposits. Her deposits matured in mid-September but the finance company was asking her to wait in the absence of cash.
Anju Tuladhar of New Road failed
to get her money back since May
despite maturity of her fixed deposits. She has Rs 300,000 in fixed deposits. She had managed to get just Rs 20,000 in two times over the period.
Purna Devi Maharjan of Jyatha fears losing deposits of Rs 650,000 deposited by herself, her mother and mother-in-law. Amar Tamrakar of Haugol, Lalitpur has a similar story to tell as he has not got his deposits since last two months. He has Rs. 100,000 in fixed deposits and Rs 60,000 in savings at Samjhana.
Even the employees of the Rastriya Banijya Bank and Nepal Bank have deposited hefty amount of money in the crisis ridden bank. An RBB employee said she was unaware of the company’s status. The company’s financial position is still weak with its capital fund negative at 29 percent lately, according to a senior NRB official. The capital fund was negative 35.04 percent when it was declared crisis-ridden four months ago.
The company has been able to collect around Rs 90 million from loans and non-banking assets after it was declared crisis-ridden, the NRB official said. “ “It has been returning money to depositors as well.” While declaring the company crisis-ridden, the central bank had told it to reduce its non performing loans to below five percent and capita fund to positive by 11 percent as per the requirement of Basel-II within six months.
NRB also directed it to recover all loans that were given without collateral and remained insecure and to allow withdrawal of matured fixed deposits.
news source:ekantipur.com
Merchant Finance: Right share allotment notice
The issue manager Growmore Merchant Banker publish notice regarding right share allotment of Merchant Finance Company Limited
Chhimek Bikas Bank: AGM
Chhimek Bikas Bank Ltd is a micro finance development bank. It provides microfinance services to the poor, the marginalized and the deprived, with main focus on woman living below the poverty line. It was registered with the company Registrar’s Office in December 2001 under Company Act 2053. It obtained license in January2002 from Nepal Rastra Bank as per Development Bank Act 2052. It got banking model from NSSC (Neighborhood Society Service center). When the government applied Intermediary Act, the bank started its micro credit program with the technical support of NSSC. Neighborhood Society Center (NSSC) had played a vital role in the establishment of Chhimek Bikas Bank.The introduction of the Financial Intermediary Act in 1998 created a problem for the organization, as the collection of savings/deposits from members was not allowed under the act at that time. A plan was therefore made for establishing a development bank. Thus, as an initiative of NSSC, and with the help from different commercial banks and promoters, Chhimek Bikas Bank was established
This Bank announce a notice regarding AGM on following date and time. Date:2067/07/14 (As of 31st Oct 2010)
Time: 10:00 am
Place: Makwanpur, Hetuda, Avocado hall
Book close: 2067/06/27 to 2067/07/14
This Bank announce a notice regarding AGM on following date and time. Date:2067/07/14 (As of 31st Oct 2010)
Time: 10:00 am
Place: Makwanpur, Hetuda, Avocado hall
Book close: 2067/06/27 to 2067/07/14
NRB directs all banks to lend ‘productively’
Banks will have to maintain their lending to productive sectors including agriculture, tourism, energy and cottage and small industries upto 20 percent within the next three years.
Following the monetary policy provisions that the commercial banks will have to double their lending to productive sectors from their average lending status, the central bank asked them to submit a workplan for the same by mid-January next year. The current exposure of banks’ lending to these sectors is 10 percent on an average.
As per the new circular issued by the NRB on Wednesday, banks irrespective of their current exposure in the productive sectors, will have to maintain their lending to these at 20 percent. The provision is also applicable to the banks licensed after mid-July this year, according to NRB.
It means the banks currently have around Rs 46 billion investment in the productive sectors which they have to increase to Rs 92 billion within another three years. Currently, commercial banks have a lending of Rs 474 billion as of the second month in the current fiscal year. The monetary policy has taken the stance of discouraging loans to the realty sector and encouraging lending to productive sectors.
The central bank’s directive issued two weeks ago tells the banks to reduce their lending to realty sector to 10 percent within the next two years. Excessive lending to the realty sector till the first half of last fiscal year pushed the financial sector into a crisis. The central bank then took stringent measures to reduce lending to the realty sector by imposing limitations on realty exposure.
“The latest two circulars regarding realty and productive sectors is to encourage banks to reduce their lending to realty and increase lending to productive sectors,” said a senior NRB official.
Agriculture is among the least favoured sectors for lending although lending to the sector grew by 6.8 percent year against a decline of 3.6 percent the preceding year. The tourism sector, however, witnessed a heavy rise of 33 percent in banking lending last year before the Nepal Tourism Year 2011. The tourism sector had faced a decline in lending the previous year.
Regarding the new directive, Nepal Bankers’ Association Vice-president Rajan Singh Bhandari said banks have no problem increasing lending to productive sectors provided there is a favourable business climate.
Bankers say there is no environment for investment in the productive sectors due to load-shedding, labour problems and political instability. The UCPN (Maoist) had vowed not to allow licensed Indian companies to develop hydropower projects.
Another banker, chief executive officer of NMB Bank Upendra Poudel, also finds it challenging to increase the lending to 20 percent within three years. “We cannot go to hydropower wherever it is,” he said. “We have a little set up for lending to agriculture.”
Lately, deposits have shrunk and credit has increased to some extent as of the second month of the current fiscal year. Deposits declined by Rs 11 billion and credit grew by 12 billion against the figure at the end of last fiscal year. The decline in deposits may limit the banks’ lending capacity. However, the monetary policy has said that it will redefine the productive sectors to ease banks’ lending to these sectors if they are unable to lend due to credit and deposit ratio.
source:ekantipur.com
Following the monetary policy provisions that the commercial banks will have to double their lending to productive sectors from their average lending status, the central bank asked them to submit a workplan for the same by mid-January next year. The current exposure of banks’ lending to these sectors is 10 percent on an average.
As per the new circular issued by the NRB on Wednesday, banks irrespective of their current exposure in the productive sectors, will have to maintain their lending to these at 20 percent. The provision is also applicable to the banks licensed after mid-July this year, according to NRB.
It means the banks currently have around Rs 46 billion investment in the productive sectors which they have to increase to Rs 92 billion within another three years. Currently, commercial banks have a lending of Rs 474 billion as of the second month in the current fiscal year. The monetary policy has taken the stance of discouraging loans to the realty sector and encouraging lending to productive sectors.
The central bank’s directive issued two weeks ago tells the banks to reduce their lending to realty sector to 10 percent within the next two years. Excessive lending to the realty sector till the first half of last fiscal year pushed the financial sector into a crisis. The central bank then took stringent measures to reduce lending to the realty sector by imposing limitations on realty exposure.
“The latest two circulars regarding realty and productive sectors is to encourage banks to reduce their lending to realty and increase lending to productive sectors,” said a senior NRB official.
Agriculture is among the least favoured sectors for lending although lending to the sector grew by 6.8 percent year against a decline of 3.6 percent the preceding year. The tourism sector, however, witnessed a heavy rise of 33 percent in banking lending last year before the Nepal Tourism Year 2011. The tourism sector had faced a decline in lending the previous year.
Regarding the new directive, Nepal Bankers’ Association Vice-president Rajan Singh Bhandari said banks have no problem increasing lending to productive sectors provided there is a favourable business climate.
Bankers say there is no environment for investment in the productive sectors due to load-shedding, labour problems and political instability. The UCPN (Maoist) had vowed not to allow licensed Indian companies to develop hydropower projects.
Another banker, chief executive officer of NMB Bank Upendra Poudel, also finds it challenging to increase the lending to 20 percent within three years. “We cannot go to hydropower wherever it is,” he said. “We have a little set up for lending to agriculture.”
Lately, deposits have shrunk and credit has increased to some extent as of the second month of the current fiscal year. Deposits declined by Rs 11 billion and credit grew by 12 billion against the figure at the end of last fiscal year. The decline in deposits may limit the banks’ lending capacity. However, the monetary policy has said that it will redefine the productive sectors to ease banks’ lending to these sectors if they are unable to lend due to credit and deposit ratio.
source:ekantipur.com
CDS facilitates electronic share ownership transfer
The Central Depository System regulation went into effect Wednesday paving the way for the establishment of CDS companies. The Securities Board of Nepal, which recently endorsed the regulation, will be implementing it.
“With the opening of CDS companies, share ownership transfers will be done electronically instead of manually as is being done presently,” said SEBON. As the CDS facilitates electronic record keeping of the data related to the listed companies and their stock besides the accounts of the shareholders, ownership transfer and share trading can be done in a flash.
Although the Nepal Stock Exchange automated trading on Aug. 24, 2007, the clearance and settlement of transactions are still being done manually.
“If things go smoothly, the CDS company will come into full-fledged operation within this fiscal year,” said Surbir Poudel. “It will not take much time as the process of establishing the company was progressing simultaneously with the CDS regulation.” SEBON and NEPSE are working to establish the CDS system with the technical assistance of Central Depository Services India Limited. NEPSE will be a major stakeholder in the company along with the listed companies and security traders (merchant banks and stockbrokers).
As per the regulation, the stock exchange, commercial banks, citizen investment trust, foreign institutional investors, non-banking financial institutions, depository participants and firms referred by SEBON with a minimum net worth of Rs. 200 million can hold shares in the CDS company.
According to a NEPSE official, NEPSE has agreed in principle with eight prominent commercial banks and the Citizen Investment Trust to promote a CDS company.
A draft of the memorandum of association and the articles of association of the proposed company has already been prepared, added the official.
source:ekantipur.com
“With the opening of CDS companies, share ownership transfers will be done electronically instead of manually as is being done presently,” said SEBON. As the CDS facilitates electronic record keeping of the data related to the listed companies and their stock besides the accounts of the shareholders, ownership transfer and share trading can be done in a flash.
Although the Nepal Stock Exchange automated trading on Aug. 24, 2007, the clearance and settlement of transactions are still being done manually.
“If things go smoothly, the CDS company will come into full-fledged operation within this fiscal year,” said Surbir Poudel. “It will not take much time as the process of establishing the company was progressing simultaneously with the CDS regulation.” SEBON and NEPSE are working to establish the CDS system with the technical assistance of Central Depository Services India Limited. NEPSE will be a major stakeholder in the company along with the listed companies and security traders (merchant banks and stockbrokers).
As per the regulation, the stock exchange, commercial banks, citizen investment trust, foreign institutional investors, non-banking financial institutions, depository participants and firms referred by SEBON with a minimum net worth of Rs. 200 million can hold shares in the CDS company.
According to a NEPSE official, NEPSE has agreed in principle with eight prominent commercial banks and the Citizen Investment Trust to promote a CDS company.
A draft of the memorandum of association and the articles of association of the proposed company has already been prepared, added the official.
source:ekantipur.com
Arun Valley Hydropower Development Co. Ltd: Bonus & dividend
The BOD meeting of the company dated 2067/06/03 has decided to give 10% bonus share and 37% cash dividend.
source:nepse.
Note:The stock “AHPC ” has now been resumed from today.
source:nepse.
Note:The stock “AHPC ” has now been resumed from today.
Share allotment of Kabeli Bikash Bank
Click the link below share allotment result of Kabeli Bikash Bank
www.stockofnepal.com
www.stockofnepal.com
Siddhartha Bank: Right share allotment, money return
The issue manager Ace Capital publish notice regarding right share allotment and money return.
Note: money will be return from 2067/06/24
Note: money will be return from 2067/06/24
NRB nod to Social Development Bank
Nepal Rastra Bank (NRB) has given operating licence to Social Development Bank, a national-level development bank. This is the 15th national level ‘B’ class financial institution.
Social Development Bank has been promoted by 96 promoters and will start its banking operation from October 13, from its corporate office at Naxal, Kathmandu.
The bank with its issued capital worth Rs 759 million has plans of conducting
Initial Public Offering (IPO) in two years.
“We will soon announce attractive deposit and credit schemes for the opening,” Amir Dhwoj Pradhan, managing director of the bank, said.
“Next year, we plan to extend our branches throughout the country and provide all modern banking services,” he said.
At present, there are 29 ‘A’ class commercial banks, 80 ‘B’ class development banks including national and regional ones, and 79 finance companies.
(source:thehimalayantimes.com)
Social Development Bank has been promoted by 96 promoters and will start its banking operation from October 13, from its corporate office at Naxal, Kathmandu.
The bank with its issued capital worth Rs 759 million has plans of conducting
Initial Public Offering (IPO) in two years.
“We will soon announce attractive deposit and credit schemes for the opening,” Amir Dhwoj Pradhan, managing director of the bank, said.
“Next year, we plan to extend our branches throughout the country and provide all modern banking services,” he said.
At present, there are 29 ‘A’ class commercial banks, 80 ‘B’ class development banks including national and regional ones, and 79 finance companies.
(source:thehimalayantimes.com)
NEPSE: New broker result out
Nepal Stock Exchange publish result of new share broker today. Result can be viewed on notice board of NEPSE or in website www.nepalstock.com.
Jyoti Bikash Bank: Money return
The issue manager Ace Capital Limited( Ace Development Bank) starts returning money as a cheque of Jyoti Bikash Bank Limited to it’s alloted and non-alloted share holders.
Miteri Development bank Limited: Book close
To issue 1:1 right share Miteri Development Bank Limited will close it’s book on 2067/07/05. The share register of this bank is Growmore Merchant Banker Limited
Shikhar Bittiya Sanstha Limited: right share
Two days left to fill out right share form of Shikhar Bittiya Sanstha Limited. Civil Capital is issue manager of this Sanstha.
Citizens Bank : right share
Three days left to fill right share of Citizens bank. The issue manager of this bank is Elite Capital Limited
United Finance Limited: AGM
16th AGM of United Finance will be held on following date and time.
Date: 2067/07/10 (As of 27 oct. 2010)
Time: 4 Pm
Place: Nepal tourism Board Building, Pradasani Marga, Kathmadu.
Agenda: 13.16% cash dividend, annual report and so on
Date: 2067/07/10 (As of 27 oct. 2010)
Time: 4 Pm
Place: Nepal tourism Board Building, Pradasani Marga, Kathmadu.
Agenda: 13.16% cash dividend, annual report and so on
NMB Bank: cash dividend distribution from today
NMB Bank will distribute 10% cash dividend from today. Please collect your dividend according to share holder number. Share holder no 1 to 11800 will be paid today. Bank remain open from 10 Am to 3 Pm
Prime Commercial Bank Limited: Bonus Share and Cash Dividend
The 96th BOD meeting of the company dated 10th October 2010 has decided to propose cash dividend 10.526%(0.526% cash dividend for TDS on bonus share) and 10% bonus shares on subject to approval from NRB and Annual General Meeting
Prime Commercial Bank Limited: Book Closure for Right Share
The 96th BOD meeting of the Company dated 10th October 2010 has decided book closure on 12th Kartik 2067 for 1:1 right share which was decided in its 2nd AGM
Triveni Bikash Bank: AGM Oct 12 Posted by crazybull Filed in Nepal Stock Triveni Bikash Bank publish notice regarding it’s AGM will be held on following date and time. Date: 2067/07/12 (as of 29 .Oct. 2010) Time: 11:00 Am Place: Narayangad, Chitwan Agenda:2:1 right share, 18% bonus share and more. Click on picture to enlarge. Comment now » Kabeli Bikash Bank:Money return Oct 12 Posted by crazybull Filed in Nepal Stock Kabeli Bikash Bank is returning money to it’s alloted and non alloted applicants from today. The issue manager is Elite Capital Limited. Click on picture to enlarge. Comment now » Gandaki Bikash Bank: right share extension Oct 12 Posted by crazybull Filed in Nepal Stock The issue manager Elite Capital Limited publish notice regarding right share extension. Last day to apply 2067/07/17. Click on picture to enlarge. Comment now » Nepal Aawas Bikas Beeta Company Limited: Cash Dividend Oct 11 Posted by crazybull Filed in Nepal Stock The BOD meeting of the company dated 2067-06-21 had decided to propose 8% cash dividend on subject to approval from NRB and its upcoming AGM. Comment now » Guheswori Merchant Banking and Finance Limited:Bonus Share and Cash Dividend
The BOD meeting of the company dated 2067-06-20 has decided to propose 12% Bonus Share and 5% Cash Dividend on subject to approval from NRB and its upcoming AGM
Nepal Aawas Bikas Beeta Company Limited: Cash Dividend
The BOD meeting of the company dated 2067-06-21 had decided to propose 8% cash dividend on subject to approval from NRB and its upcoming AGM
Gandaki Bikash Bank: right share extension
The issue manager Elite Capital Limited publish notice regarding right share extension. Last day to apply 2067/07/17
Kabeli Bikash Bank:Money return
Kabeli Bikash Bank is returning money to it’s alloted and non alloted applicants from today. The issue manager is Elite Capital Limited.
Triveni Bikash Bank: AGM
Triveni Bikash Bank publish notice regarding it’s AGM will be held on following date and time.
Date: 2067/07/12 (as of 29 .Oct. 2010)
Time: 11:00 Am
Place: Narayangad, Chitwan
Agenda:2:1 right share, 18% bonus share and more
Date: 2067/07/12 (as of 29 .Oct. 2010)
Time: 11:00 Am
Place: Narayangad, Chitwan
Agenda:2:1 right share, 18% bonus share and more
Nabil Bank: Cash dividend notice
Nabil Bank publish notice regarding cash dividend distribution. 30% cash dividend will distribute according to share holder number schedule as follows
Janata ATM in Dhunche
Janta Bank Nepal started its ATM service in Dhunche, Rasuwa. CDO Shiva Prasad Nepal inaugurated the ATM that is supported by STC Network and accept Visa and Master brands debit and credit on Sunday. The bank hopes that new ATM will help local people and tourist in the area.
news source:the himalayan times
news source:the himalayan times
LIC Nepal’s dividend
Life Insurance Corporation of Nepal (LIC Nepal) has decided to distribute 5.26 per cent cash dividend to all its share holders. The decision was taken by the company’s board of directors that is subject to Beema Samiti (Insurance Board) and the company’s AGM.
source: the himalayan times
source: the himalayan times
Dashain sees bank
With the beginning of Dashain festival, people have started withdrawing deposits on a massive scale. Over the last one week, deposits in commercial banks decreased by Rs 4 billion despite the huge amount of remittance flowing into the country.
Deposits decreased to Rs 413 billion from Rs 417 billion over the last one week although it was expected that deposits would grow before Dashain due to massive remittance inflow. With the rising inflation
that soared on the eve of Dashain, people are needing more cash to celebrate the festival.
There are 29 commercial banks, 78 development banks, 79 finance companies and 18 micro finance development banks in operation. Also, 16 cooperatives and 45 non-government organizations have been offering financial services after acquiring permission from the Nepal Rastra Bank (NRB). There are around 800 branches of the commercial banks across the country. The people are withdrawing deposits from all these.
The remittance growth was slow until mid-September. Before Dashain it grew significantly and the central bank intervened in the foreign exchange by purchasing US$ 49.7 million on Monday alone.
The NRB will give back the amount equivalent to foreign exchange to the banks on Tuesday. It purchased around US$ 150 million over the last one week. Usually, the central bank purchases Rs 50 million worth a week.
Since the beginning of this fiscal year, commercial banks are witnessing a decline in total deposits. As
of Monday, deposit declined by Rs 18 billion since the beginning of
the fiscal year, according to NRB. The deposits in banks were Rs 631 billion until mid-July.
Bankers, however, termed the withdrawal of deposits in Dashain a normal practice. “Deposits to the tune of Rs 6-8 billion are withdrawn every Dashain,” said Sashin Joshi, president of Nepal Bankers’ Association (NBA).
Individual banks are also witnessing massive withdrawal. “Around Rs 200 million has been withdrawn from our bank after
the beginning of Dashain,” said Kamal Gyawali, chief executive officer of Kist Bank.
A senior NRB official termed the decrease in deposit during Dashain as overconsumption. “It seems all the remittance money is being used up,” the NRB official said.
The Economic Survey of the fiscal year 2009-10 has termed rising consumerism as one of the challenges for the economy.
“The consumption is increasing even amid low economic growth rate, thereby causing contraction in domestic savings,” the report says. “Therefore, another challenge for the economy is to encourage an environment for savings.”
According to the survey, the country’s gross national savings decreased to 34.4 percent in FY 2009-10 from 36.1 percent in FY 2008-09. Over the last decade, the consumption went up to 90.6 percent in FY 2009-10 from 88.3 percent in FY 2001-02, leaving little room for savings.
Due to massive withdrawal amid Dashain, some banks are already feeling hit. The liquidity situation in the commercial banks has remained tight over the last one week. “With the growth in lending
in coming days, the liquidity situation may worsen,” said the NRB
official. The lending is gradually growing to Rs 481 billion until Monday from Rs 445 billion at the end of last fiscal year.
However, bankers are lending cautiously as a result of the lesson they learnt from the liquidity crisis last year and also due to some stringent measures of the central bank against lending to the realty sector.
“There may be pressure onliquidity but not to the level experienced last year,” said the NRB official.
Bankers have been maintaining that the government’s policy was the major cause behind no growth in deposits. They have been demanding revision of the policy of income disclosure in realty purchase and depositing more than Rs 1 million in banks and financial institutions
source:ekantipur
Deposits decreased to Rs 413 billion from Rs 417 billion over the last one week although it was expected that deposits would grow before Dashain due to massive remittance inflow. With the rising inflation
that soared on the eve of Dashain, people are needing more cash to celebrate the festival.
There are 29 commercial banks, 78 development banks, 79 finance companies and 18 micro finance development banks in operation. Also, 16 cooperatives and 45 non-government organizations have been offering financial services after acquiring permission from the Nepal Rastra Bank (NRB). There are around 800 branches of the commercial banks across the country. The people are withdrawing deposits from all these.
The remittance growth was slow until mid-September. Before Dashain it grew significantly and the central bank intervened in the foreign exchange by purchasing US$ 49.7 million on Monday alone.
The NRB will give back the amount equivalent to foreign exchange to the banks on Tuesday. It purchased around US$ 150 million over the last one week. Usually, the central bank purchases Rs 50 million worth a week.
Since the beginning of this fiscal year, commercial banks are witnessing a decline in total deposits. As
of Monday, deposit declined by Rs 18 billion since the beginning of
the fiscal year, according to NRB. The deposits in banks were Rs 631 billion until mid-July.
Bankers, however, termed the withdrawal of deposits in Dashain a normal practice. “Deposits to the tune of Rs 6-8 billion are withdrawn every Dashain,” said Sashin Joshi, president of Nepal Bankers’ Association (NBA).
Individual banks are also witnessing massive withdrawal. “Around Rs 200 million has been withdrawn from our bank after
the beginning of Dashain,” said Kamal Gyawali, chief executive officer of Kist Bank.
A senior NRB official termed the decrease in deposit during Dashain as overconsumption. “It seems all the remittance money is being used up,” the NRB official said.
The Economic Survey of the fiscal year 2009-10 has termed rising consumerism as one of the challenges for the economy.
“The consumption is increasing even amid low economic growth rate, thereby causing contraction in domestic savings,” the report says. “Therefore, another challenge for the economy is to encourage an environment for savings.”
According to the survey, the country’s gross national savings decreased to 34.4 percent in FY 2009-10 from 36.1 percent in FY 2008-09. Over the last decade, the consumption went up to 90.6 percent in FY 2009-10 from 88.3 percent in FY 2001-02, leaving little room for savings.
Due to massive withdrawal amid Dashain, some banks are already feeling hit. The liquidity situation in the commercial banks has remained tight over the last one week. “With the growth in lending
in coming days, the liquidity situation may worsen,” said the NRB
official. The lending is gradually growing to Rs 481 billion until Monday from Rs 445 billion at the end of last fiscal year.
However, bankers are lending cautiously as a result of the lesson they learnt from the liquidity crisis last year and also due to some stringent measures of the central bank against lending to the realty sector.
“There may be pressure onliquidity but not to the level experienced last year,” said the NRB official.
Bankers have been maintaining that the government’s policy was the major cause behind no growth in deposits. They have been demanding revision of the policy of income disclosure in realty purchase and depositing more than Rs 1 million in banks and financial institutions
source:ekantipur
Bank service hours
Banks are preparing to offer services even during the Dashain festival. They are planning to provide minimum three hours banking service on Tika — the main day of Dashain.
“Service will be provided by at least one branch of all banks during the holidays,” said Sasin Joshi, president of the Nepal Bankers’ Association, adding that the service will be provided for deposit and withdrawal purposes only.
The banks are planning to offer service through their branches outside the Valley too. However, the service may not be available on day of Tika — Oct.17. Normally, the market witnesses Dashain shopping till the first two days of Dashain – Phulpati and Ashtami. All government offices, private offices, industries and educational institutions remain closed during Dashain.
source: ekantipur
“Service will be provided by at least one branch of all banks during the holidays,” said Sasin Joshi, president of the Nepal Bankers’ Association, adding that the service will be provided for deposit and withdrawal purposes only.
The banks are planning to offer service through their branches outside the Valley too. However, the service may not be available on day of Tika — Oct.17. Normally, the market witnesses Dashain shopping till the first two days of Dashain – Phulpati and Ashtami. All government offices, private offices, industries and educational institutions remain closed during Dashain.
source: ekantipur
Suryadarshan Finance company Limited
Suryadarshan Finance company Limited appoint Elite Capital Limited as register to share
Bank news
NIC Int’l card
NIC Bank has launched “NIC International Visa Card”. This card is valid worldwide and can be used for withdrawal of cash in foreign currency at ATMs located throughout the world and make payments anywhere in the world. NIC Bank recently opened two new branches in Hariwan and Gaur making a total of 28 branches.
BoK in remit business
Bank of Kathmandu (BoK) and International Money Express (IME) have entered into an agreement regarding the remittance services. As per the agreement, BoK’s branches will also work as IME’s remittance representatives. All the money sent through IME from foreign countries can be received via BoK’s branches.
Nabil ATMs in Birgunj
Nabil Bank opened two ATM counters at Birgunj on Tuesday. Among two ATMs, one is placed at ATM lounge located at Big Bazar, Maisthan and another at the premises of branch located at Power House Chowk. “With the addition of these two ATMs, now the total ATM of the bank stands at 58.
Global in govt service
Global Bank Ltd has started a revenue collection counter from Passport Office located at Narayanhiti. Global Bank is the fifth commercial bank that was allowed to conduct government transactions. The bank is confident that it will be able to manage the revenue collection for passport.
KDBL into 4th year
Kasthamandap Development Bank Ltd (KDBL) has entered into the fourth year of its operation. The bank also opened its fourteenth branch at New Baneswor, Kathmandu, and fifteenth branch at Pulchowk, Lalitpur, to mark the fourth anniversary.
Sindhu in Banepa
Sindhu Development Bank of Barhabise, Sindhupalchowk, has opened its first branch in Banepa on Monday. The bank aims to mobilise money in rural and semi-urban areas, where modern banking facilities are limited. The bank has 184 promoters and aims to expand its network to Charikot, Tatopani, Chautara and Jalbire in future.
Alpine’s shares listed
One million shares of Alpine Development Bank have been listed in Nepal Stock Exchange (Nepse) on Monday. Nepse GM Shakar Man Singh and the bank’s chairman Nava Raj Rawat signed an agreement in this regard on Monday. The bank has floated 330,000 shares to public on May 23.
News source:thehimalayantimes
NIC Bank has launched “NIC International Visa Card”. This card is valid worldwide and can be used for withdrawal of cash in foreign currency at ATMs located throughout the world and make payments anywhere in the world. NIC Bank recently opened two new branches in Hariwan and Gaur making a total of 28 branches.
BoK in remit business
Bank of Kathmandu (BoK) and International Money Express (IME) have entered into an agreement regarding the remittance services. As per the agreement, BoK’s branches will also work as IME’s remittance representatives. All the money sent through IME from foreign countries can be received via BoK’s branches.
Nabil ATMs in Birgunj
Nabil Bank opened two ATM counters at Birgunj on Tuesday. Among two ATMs, one is placed at ATM lounge located at Big Bazar, Maisthan and another at the premises of branch located at Power House Chowk. “With the addition of these two ATMs, now the total ATM of the bank stands at 58.
Global in govt service
Global Bank Ltd has started a revenue collection counter from Passport Office located at Narayanhiti. Global Bank is the fifth commercial bank that was allowed to conduct government transactions. The bank is confident that it will be able to manage the revenue collection for passport.
KDBL into 4th year
Kasthamandap Development Bank Ltd (KDBL) has entered into the fourth year of its operation. The bank also opened its fourteenth branch at New Baneswor, Kathmandu, and fifteenth branch at Pulchowk, Lalitpur, to mark the fourth anniversary.
Sindhu in Banepa
Sindhu Development Bank of Barhabise, Sindhupalchowk, has opened its first branch in Banepa on Monday. The bank aims to mobilise money in rural and semi-urban areas, where modern banking facilities are limited. The bank has 184 promoters and aims to expand its network to Charikot, Tatopani, Chautara and Jalbire in future.
Alpine’s shares listed
One million shares of Alpine Development Bank have been listed in Nepal Stock Exchange (Nepse) on Monday. Nepse GM Shakar Man Singh and the bank’s chairman Nava Raj Rawat signed an agreement in this regard on Monday. The bank has floated 330,000 shares to public on May 23.
News source:thehimalayantimes
Banks on a tight turf as depositors withdraw tons of cash
Increased deposit withdrawals have resulted in tighter liquidity in the banking sector, pushing up the inter-bank rate to around 8 percent on Tuesday from 2-3 percent one and a half weeks ago.
The inter-bank rate had reached up to 10 percent a few days ago. It dropped marginally on Tuesday as banks received Nepali currency on Tuesday after the central bank purchased foreign exchange worth US$ 49.7 million on Monday.
Banks received cash on Wednesday against the repo (repurchase agreement) the central bank issued on Tuesday. NRB had offered treasury bills worth Rs. 3 billion on Tuesday under the repo. The central bank has issued a repo to inject fresh liquidity into the banking system after a three-month gap.
NRB had stopped issuing a repo since July 15 as the liquidity situation had improved greatly. Bankers have termed the current tighter liquidity as a temporary phenomenon. Sashin Joshi, president of the Nepal Bankers Association, said that liquidity usually becomes tighter during Dashain as deposits are withdrawn in large amounts.
NRB said more than Rs. 4 billion had been withdrawn from commercial banks over the last one week sending bank deposits plunging to Rs. 613 billion from Rs. 617 billion. Earlier, it had been expected that deposits would grow due to an increase in the flow of remittance before the festival.
Commercial banks have been witnessing a decline in total deposits since the beginning of this fiscal year. As of Monday, deposits declined by Rs. 18 billion since the beginning of the fiscal year, said NRB. They stood at Rs. 631 billion in mid-July.
One of the reasons why deposits have not expanded in recent months is slow government expenditure. Joshi said that the banking system could face a liquidity problem again if government expenditure remained irregular due to the absence of a budget. Deposits had grown in the final months of the last fiscal year mainly due to soaring government expenditure despite an acute liquidity crunch in the earlier months.
The tight liquidity in recent days is also reflected in NRB’s not issuing a reverse repo for a month. The central bank has not issued the monetary instrument since Sept. 14 which is issued to absorb liquidity from the banking system. Earlier, NRB had been issuing reverse repos one after another due to excess liquidity in the banking system. NRB officials said that banks had also been taking huge amounts in standing liquidity facility for the last few days. The standing liquidity facility is an urgent liquidity facility that the central bank gives to address pressing liquidity needs among banks.
soruce:ekantipur
The inter-bank rate had reached up to 10 percent a few days ago. It dropped marginally on Tuesday as banks received Nepali currency on Tuesday after the central bank purchased foreign exchange worth US$ 49.7 million on Monday.
Banks received cash on Wednesday against the repo (repurchase agreement) the central bank issued on Tuesday. NRB had offered treasury bills worth Rs. 3 billion on Tuesday under the repo. The central bank has issued a repo to inject fresh liquidity into the banking system after a three-month gap.
NRB had stopped issuing a repo since July 15 as the liquidity situation had improved greatly. Bankers have termed the current tighter liquidity as a temporary phenomenon. Sashin Joshi, president of the Nepal Bankers Association, said that liquidity usually becomes tighter during Dashain as deposits are withdrawn in large amounts.
NRB said more than Rs. 4 billion had been withdrawn from commercial banks over the last one week sending bank deposits plunging to Rs. 613 billion from Rs. 617 billion. Earlier, it had been expected that deposits would grow due to an increase in the flow of remittance before the festival.
Commercial banks have been witnessing a decline in total deposits since the beginning of this fiscal year. As of Monday, deposits declined by Rs. 18 billion since the beginning of the fiscal year, said NRB. They stood at Rs. 631 billion in mid-July.
One of the reasons why deposits have not expanded in recent months is slow government expenditure. Joshi said that the banking system could face a liquidity problem again if government expenditure remained irregular due to the absence of a budget. Deposits had grown in the final months of the last fiscal year mainly due to soaring government expenditure despite an acute liquidity crunch in the earlier months.
The tight liquidity in recent days is also reflected in NRB’s not issuing a reverse repo for a month. The central bank has not issued the monetary instrument since Sept. 14 which is issued to absorb liquidity from the banking system. Earlier, NRB had been issuing reverse repos one after another due to excess liquidity in the banking system. NRB officials said that banks had also been taking huge amounts in standing liquidity facility for the last few days. The standing liquidity facility is an urgent liquidity facility that the central bank gives to address pressing liquidity needs among banks.
soruce:ekantipur
More isn’t merrier, oh no
The Securities Board of Nepal will give its recommendation to the private sector to establish a new stock exchange only after strengthening the Nepal Stock Exchange. SEBON has yet to reach a decision on the applications submitted by private companies to operate a new stock exchange.
“It has been agreed that only after strengthening NEPSE will the private sector be granted recommendation,” said SEBON chairman Surbir Poudel.
Hopeful stock exchanges National Stock Exchange Limited, Kathmandu Stock Exchange Limited, Nepal Securities & Derivatives Exchange Limited and Himalayan Stock Exchange Limited had applied to SEBON one and a half years ago.
In response to the applications, SEBON had carried out a study to gauge the feasibility for a new stock exchange in Nepal. “Considering the present market scenario, we suggested that the aspiring companies should become one as more would not be viable,” said SEBON chairperson Surbir Poudel. The government’s move to strengthen NEPSE has also delayed SEBON’s decision. The policymakers are still undecided whether the country will need another bourse after NEPSE has been enhanced.
In last year’s budget announcement, the government had emphasized establishing mutual fund companies and a central depository system company to strengthen the stock market. The central depository system is taking shape at NEPSE.
SEBON has recently brought out the CDS Regulation. According to NEPSE, the process of developing software and procuring hardware to operate the CDS is progressing.
The initial enthusiasm among the proposed stock exchanges is sinking as SEBON has been dithering.
“As SEBON has not responded to our expectations, we have also stopped following up with them,” said Kamal Gyawali, one of the promoters of the proposed Kathmandu Stock Limited. He added that they had decided to include 20 stakeholders to set up a single company as SEBON has suggested.
The Stock Exchange Operator Regulation 2008 allows banks and financial institutions, listed companies and security businesspersons (stock brokerage firms and merchant bankers) to operate a stock market.
As per the regulation, the minimum paid-up capital of a proposed stock exchange should be Rs. 50 million, and there should be at least 10 promoters. However, no single company or corporate body will be allowed to own more than 10 percent of the total share capital. As per the regulation, aspiring stock exchange companies have to obtain SEBON’s recommendation to be registered.
source:ekantipur
“It has been agreed that only after strengthening NEPSE will the private sector be granted recommendation,” said SEBON chairman Surbir Poudel.
Hopeful stock exchanges National Stock Exchange Limited, Kathmandu Stock Exchange Limited, Nepal Securities & Derivatives Exchange Limited and Himalayan Stock Exchange Limited had applied to SEBON one and a half years ago.
In response to the applications, SEBON had carried out a study to gauge the feasibility for a new stock exchange in Nepal. “Considering the present market scenario, we suggested that the aspiring companies should become one as more would not be viable,” said SEBON chairperson Surbir Poudel. The government’s move to strengthen NEPSE has also delayed SEBON’s decision. The policymakers are still undecided whether the country will need another bourse after NEPSE has been enhanced.
In last year’s budget announcement, the government had emphasized establishing mutual fund companies and a central depository system company to strengthen the stock market. The central depository system is taking shape at NEPSE.
SEBON has recently brought out the CDS Regulation. According to NEPSE, the process of developing software and procuring hardware to operate the CDS is progressing.
The initial enthusiasm among the proposed stock exchanges is sinking as SEBON has been dithering.
“As SEBON has not responded to our expectations, we have also stopped following up with them,” said Kamal Gyawali, one of the promoters of the proposed Kathmandu Stock Limited. He added that they had decided to include 20 stakeholders to set up a single company as SEBON has suggested.
The Stock Exchange Operator Regulation 2008 allows banks and financial institutions, listed companies and security businesspersons (stock brokerage firms and merchant bankers) to operate a stock market.
As per the regulation, the minimum paid-up capital of a proposed stock exchange should be Rs. 50 million, and there should be at least 10 promoters. However, no single company or corporate body will be allowed to own more than 10 percent of the total share capital. As per the regulation, aspiring stock exchange companies have to obtain SEBON’s recommendation to be registered.
source:ekantipur
Some companies stock suspend today
NEPSE has suspend some companies stock today due to non payment of listing renewal fee. Stock suspend companies are as follows:
Shree Bhrikuti Pulp And Paper Ltd
Goodwill Finance Co. Ltd.
Api Finance Limtied
Nilgiri Bikas Bank Limited
IME Financial Institution
Shree Ram Sugar Mills Ltd
Salt Trading Corporation
Nepal Bitumin and Barrel Udyog
Nepal Film Dev.Co. Ltd.
Prabhu Finance Company Limited
Rastriya Beema Sansthan
Shree Bhrikuti Pulp And Paper Ltd
Goodwill Finance Co. Ltd.
Api Finance Limtied
Nilgiri Bikas Bank Limited
IME Financial Institution
Shree Ram Sugar Mills Ltd
Salt Trading Corporation
Nepal Bitumin and Barrel Udyog
Nepal Film Dev.Co. Ltd.
Prabhu Finance Company Limited
Rastriya Beema Sansthan
Nepse sees marginal gain after Dashain vacation
The Nepal Stock Exchange (Nepse), which opened on Wednesday after a week-long Dashain holiday- gained 1.19 points to close at 421.29 points.
In fact, the sole secondary market had entered the festival recess on positive note, thus boosting the flagging confidence of investors.
Of the six groups that participated in today’s trading, the sub indices of three groups moved in the green territory while that of the remaining three went down.
The shareholders of others group were the biggest gainers of the day as its sub-index went up by 9.4 points to close at 538.13 points.
Similarly, development banks and insurance groups inclined by 0.45 points and 0.5 points to close at 397.7 points and 459.18 points respectively.
On the other hand, hydropower, banking and finance groups went down by 6.52 points, 0.16 point and 0.13 point to finish at 708.13 points, 390.15 points and 357.24 points respectively.
The sensitive index – that measures the performance of Group A companies – also saw a gain of 0.5 point to end at 103.58 points.
The capital market today traded 16,837 shares and 39 scrips worth Rs 4,435,003 in 466 transactions.
Total market capitalisation – total worth of listed shares in the Nepse, was recorded at Rs 356,728.60 million
(source:nepalnews)
In fact, the sole secondary market had entered the festival recess on positive note, thus boosting the flagging confidence of investors.
Of the six groups that participated in today’s trading, the sub indices of three groups moved in the green territory while that of the remaining three went down.
The shareholders of others group were the biggest gainers of the day as its sub-index went up by 9.4 points to close at 538.13 points.
Similarly, development banks and insurance groups inclined by 0.45 points and 0.5 points to close at 397.7 points and 459.18 points respectively.
On the other hand, hydropower, banking and finance groups went down by 6.52 points, 0.16 point and 0.13 point to finish at 708.13 points, 390.15 points and 357.24 points respectively.
The sensitive index – that measures the performance of Group A companies – also saw a gain of 0.5 point to end at 103.58 points.
The capital market today traded 16,837 shares and 39 scrips worth Rs 4,435,003 in 466 transactions.
Total market capitalisation – total worth of listed shares in the Nepse, was recorded at Rs 356,728.60 million
(source:nepalnews)
Miteri Development Bank Limited:Right share issue
Company: Miteri Development Bank Limited
Total share: 4,51,440 (right share)
Ratio: 1:1
Open :2067/07/22
Close: 2067/08/26
Issue manager:Growmore Merchant Banker Limited
Total share: 4,51,440 (right share)
Ratio: 1:1
Open :2067/07/22
Close: 2067/08/26
Issue manager:Growmore Merchant Banker Limited
Reliable Finance Limited: AGM
Reliable Finance Limited publish notice regarding it’s 5th AGM to be held on following date and time:
Date: 2067/07/28 (As of 14 Nov. 2010)
Place: Prayatan Bikash Board Building
Time: 11 am
Agenda:1:1 right share, cash dividend 26.32%, annual report and so on.
Book close: 2067/07/12 to 2067/07/28
Date: 2067/07/28 (As of 14 Nov. 2010)
Place: Prayatan Bikash Board Building
Time: 11 am
Agenda:1:1 right share, cash dividend 26.32%, annual report and so on.
Book close: 2067/07/12 to 2067/07/28
Standard Chartered Bank Nepal Limited: AGM
Standard Chartered Bank Nepal Limited
Date: 2067/07/25 (11 Nov. 2010) Thrusday
Time: 03:30pm
Place: Tribhuvan Army officers club, Bhadrakali, Kathmandu
Agenda: 15% bonus share, annual report and so on.
Date: 2067/07/25 (11 Nov. 2010) Thrusday
Time: 03:30pm
Place: Tribhuvan Army officers club, Bhadrakali, Kathmandu
Agenda: 15% bonus share, annual report and so on.
Pande for bank mergers
Prithvi Bahadur Pande, chairman and chief executive director of Nepal Investment Bank Limited, defended the proposed merger with Everest Bank Limited which was dropped amid criticism from within his organization.
Addressing the bank’s 24th annual general meeting on Wednesday, Pande said the proposed merger has been put on hold for now. “But the Nepali market will surely demand an amalgamation of the banks in the future,” he added.
The aborted merger was one of the topics discussed at Wednesday’s AGM. The plan was abandoned even before it reached the board after it stirred controversy within the organization. Before the plan was canned, the chairmen of the two banks had signed an initial memorandum of understanding to merge.
It would have been the largest ever merger in Nepal’s banking history. There is no act on mergers and acquisitions in the country, and the existing Bank and Financial Institution Act has made a few provisions regarding mergers. Pande also termed the existing environment for merger not encouraging.
“Apart from the prevailing laws and provisions, the valuation of the respective institutions is another hurdle for amalgamation,” said Pande.
A number of shareholders attending the AGM supported Pande’s position regarding the merger. “With the growing number of banks and financial institutions, merging is the best way to tackle the upcoming challenges in the sector,” said Amrit Shrestha, a shareholder of the bank.
Earlier, Everest Bank chairman B.K. Shrestha had also defended the merger plan at the bank’s AGM. Meanwhile, the AGM of Nepal Investment Bank endorsed the proposal to distribute 25 percent cash dividend from the net profit posted during the last fiscal year. The bank earned a net profit of Rs. 1.26 billion in 2009/10. It was one of the top 10 taxpayers in fiscal 2009/10 with a payment of Rs. 790 million.
The bank said in a press release that it had achieved the highest industry growth in terms of deposits, assets and capital base. “Our deposit base grew from Rs. 46.69 billion to Rs. 50.09 billion making us the largest private sector bank in deposits,” stated the press release. The bank added 83,000 new clients in the last fiscal year.
The bank’s net profit of Rs. 1.26 billion in the last fiscal year was the highest among private sector banks. It issued loans amounting to Rs 40.95 billion while its assets rose from Rs. 53.01 billion to Rs. 57.30 billion last year. “Our loans and advances grew from Rs. 36.8 billion to Rs 40.94 billion, making us the largest lender in Nepal,” said the bank. It said it had a good presence in Malaysia and the Middle East to provide convenient remittance services.
Nepal Investment Bank also qualified to join the Global Trade Finance Programme offered by International Finance Corporation IFC, enabling it to conduct international finance arrangements with a wider range of correspondent banks greatly benefiting its corporate clients.
Nepal Investment Bank has received a trade finance facility of US$ 5 million, one of the largest extended to any Nepali bank, which will enhance support for local enterprises and boost international trade opportunities, it said.
source:ekantipur
Addressing the bank’s 24th annual general meeting on Wednesday, Pande said the proposed merger has been put on hold for now. “But the Nepali market will surely demand an amalgamation of the banks in the future,” he added.
The aborted merger was one of the topics discussed at Wednesday’s AGM. The plan was abandoned even before it reached the board after it stirred controversy within the organization. Before the plan was canned, the chairmen of the two banks had signed an initial memorandum of understanding to merge.
It would have been the largest ever merger in Nepal’s banking history. There is no act on mergers and acquisitions in the country, and the existing Bank and Financial Institution Act has made a few provisions regarding mergers. Pande also termed the existing environment for merger not encouraging.
“Apart from the prevailing laws and provisions, the valuation of the respective institutions is another hurdle for amalgamation,” said Pande.
A number of shareholders attending the AGM supported Pande’s position regarding the merger. “With the growing number of banks and financial institutions, merging is the best way to tackle the upcoming challenges in the sector,” said Amrit Shrestha, a shareholder of the bank.
Earlier, Everest Bank chairman B.K. Shrestha had also defended the merger plan at the bank’s AGM. Meanwhile, the AGM of Nepal Investment Bank endorsed the proposal to distribute 25 percent cash dividend from the net profit posted during the last fiscal year. The bank earned a net profit of Rs. 1.26 billion in 2009/10. It was one of the top 10 taxpayers in fiscal 2009/10 with a payment of Rs. 790 million.
The bank said in a press release that it had achieved the highest industry growth in terms of deposits, assets and capital base. “Our deposit base grew from Rs. 46.69 billion to Rs. 50.09 billion making us the largest private sector bank in deposits,” stated the press release. The bank added 83,000 new clients in the last fiscal year.
The bank’s net profit of Rs. 1.26 billion in the last fiscal year was the highest among private sector banks. It issued loans amounting to Rs 40.95 billion while its assets rose from Rs. 53.01 billion to Rs. 57.30 billion last year. “Our loans and advances grew from Rs. 36.8 billion to Rs 40.94 billion, making us the largest lender in Nepal,” said the bank. It said it had a good presence in Malaysia and the Middle East to provide convenient remittance services.
Nepal Investment Bank also qualified to join the Global Trade Finance Programme offered by International Finance Corporation IFC, enabling it to conduct international finance arrangements with a wider range of correspondent banks greatly benefiting its corporate clients.
Nepal Investment Bank has received a trade finance facility of US$ 5 million, one of the largest extended to any Nepali bank, which will enhance support for local enterprises and boost international trade opportunities, it said.
source:ekantipur
Civil Bank, Century Bank to issue 40pc shares to public
Two upcoming commercial banks, Civil Bank and Century Bank, have sought to expand the participation of public shareholders with both planning to keep 60 percent of the shares for the promoters and 40 percent for the public.
Most banks have a share structure in the ratio of 70:30. Bank promoters have also been seeking to reduce their stake by converting their shares into public shares. Nepal Rastra Bank has allowed them to reduce promoter shares to 51 percent, but the Securities Board of Nepal (SEBON) has fixed certain criteria including the requirement to go public through an offer document.
“We decided to go for a 60:40 ratio as it does not make a significant difference in representation on the bank’s board,” said Kishore Maharjan, chief executive officer of the upcoming Civil Bank. “It also makes it easier to collect enough capital.”
A commercial bank should have a paid-up capital of Rs. 2 billion as per the existing rules. A ratio of 60:40 means promoters can open banks with Rs. 1.20 billion while the public is offered 40 percent of the shares through an initial public offering.
Another upcoming bank Century Bank is also planning to keep the ratio at 60:40 as it has been finding it difficult to raise enough capital. The bank had initially planned to keep the ratio at 70:30 for the promoters and the public.
“Some promoters have not put in the money promised as they have not been able to recover their investment in real estate after prices stagnated,” said a senior Century official. It has also been struggling to recover its deposit of Rs. 40 million from Nepal Sri Lanka Merchant Bank which has announced a merger with Nepal Bangladesh Bank.
After Nepal Rastra Bank granted permission to sell promoter shares in 2008, some banks have already converted their promoter shares into public shares. The promoters of Nepal Bangladesh Bank and Nepal Credit and Commerce Bank sold their promoter shares on the secondary market. DCBL Bank has also converted its 19 percent shares into public shares.
Nepal Bangladesh Bank and Nepal Credit and Commerce Bank had been allowed to divest their promoter shares to force the NB Group to renounce its stake in these banks. However, DCBL has not been able to obtain recognition of conversion from SEBON because the Security Registration and Issue Regulation 2009 states that promoter shares can be converted into public shares through the process of offer documents and issue manager.
Siddhartha Bank had also planned to sell its promoter shares but could not do so due to SEBON regulations. After the central bank relaxed its rule regarding reduction of the number of promoter shares, many banks and financial institutions have been trying to decrease their promoter shares.
Promoters have a 58 percent stake in the Bank of Kathmandu with the public owning the rest of the stock. There are many development banks and finance companies in which promoters have a stake of less than 70 percent. For example, promoters own 60 percent of the shares in Sewa Development Bank and the public owns the rest.
Bankers have been maintaining that there shouldn’t be any minimum limit on promoter shares. In the West, promoters are not expected to hold a majority stake in the banking system. However, Nepal’s central bank has made a provision of giving more space to the promoters than the public to make them more responsible for the betterment of the bank.
(source:ekantipur)
Most banks have a share structure in the ratio of 70:30. Bank promoters have also been seeking to reduce their stake by converting their shares into public shares. Nepal Rastra Bank has allowed them to reduce promoter shares to 51 percent, but the Securities Board of Nepal (SEBON) has fixed certain criteria including the requirement to go public through an offer document.
“We decided to go for a 60:40 ratio as it does not make a significant difference in representation on the bank’s board,” said Kishore Maharjan, chief executive officer of the upcoming Civil Bank. “It also makes it easier to collect enough capital.”
A commercial bank should have a paid-up capital of Rs. 2 billion as per the existing rules. A ratio of 60:40 means promoters can open banks with Rs. 1.20 billion while the public is offered 40 percent of the shares through an initial public offering.
Another upcoming bank Century Bank is also planning to keep the ratio at 60:40 as it has been finding it difficult to raise enough capital. The bank had initially planned to keep the ratio at 70:30 for the promoters and the public.
“Some promoters have not put in the money promised as they have not been able to recover their investment in real estate after prices stagnated,” said a senior Century official. It has also been struggling to recover its deposit of Rs. 40 million from Nepal Sri Lanka Merchant Bank which has announced a merger with Nepal Bangladesh Bank.
After Nepal Rastra Bank granted permission to sell promoter shares in 2008, some banks have already converted their promoter shares into public shares. The promoters of Nepal Bangladesh Bank and Nepal Credit and Commerce Bank sold their promoter shares on the secondary market. DCBL Bank has also converted its 19 percent shares into public shares.
Nepal Bangladesh Bank and Nepal Credit and Commerce Bank had been allowed to divest their promoter shares to force the NB Group to renounce its stake in these banks. However, DCBL has not been able to obtain recognition of conversion from SEBON because the Security Registration and Issue Regulation 2009 states that promoter shares can be converted into public shares through the process of offer documents and issue manager.
Siddhartha Bank had also planned to sell its promoter shares but could not do so due to SEBON regulations. After the central bank relaxed its rule regarding reduction of the number of promoter shares, many banks and financial institutions have been trying to decrease their promoter shares.
Promoters have a 58 percent stake in the Bank of Kathmandu with the public owning the rest of the stock. There are many development banks and finance companies in which promoters have a stake of less than 70 percent. For example, promoters own 60 percent of the shares in Sewa Development Bank and the public owns the rest.
Bankers have been maintaining that there shouldn’t be any minimum limit on promoter shares. In the West, promoters are not expected to hold a majority stake in the banking system. However, Nepal’s central bank has made a provision of giving more space to the promoters than the public to make them more responsible for the betterment of the bank.
(source:ekantipur)
Cooperatives get free rein for want of a monitor
The Department of Cooperatives has been hamstrung in its move to regulate the cooperatives in the country due to a delay in issuing a full-fledged budget, lack of skilled human resources and insufficient legal authority.
The department said that it had been struggling to implement the 60-point work plan forwarded by the Ministry of Finance. The ministry had recently prepared a 60-point work plan and asked the department to work in cooperation with Nepal Rastra Bank. The work plan is the outcome of a study jointly carried out by the Finance Ministry, Nepal Rastra Bank and the Department of Cooperatives.
Following last year’s liquidity crunch, the government had suspected that a huge amount of money might have been deposited in poorly monitored cooperatives because of the requirement to disclose income sources for land transactions and deposits of more than Rs. 1 million made in banks and financial institutions.
The study showed that most of the cooperatives had accepted fixed deposits for up to five years that involved opening a current account. They were also found to be issuing loans against gold and silver as collateral in violation of the law.
Some cooperatives were being run as family businesses when the rules don’t allow multiple members of a family to be board members. Most cooperatives were found to have collected deposits amounting to 20-60 percent of their issued capital when the new regulations say that deposit collection should not exceed 10 percent. According to the work plan, cooperatives should limit their spread rate to 6 percent. Similarly, lending per borrower should not exceed 10 percent of the capital fund. Moreover, cooperatives are permitted to carry out transactions only with the members of their authorised areas.
Registrar of the Department of Cooperatives Sudarshan Prasad Dhakal said that cooperatives could not be monitored effectively due to a shortage of resources including manpower. Though there are two experts from Nepal Rastra Bank, the department said it was difficult to implement the work plan because of an inadequate budget. The government had granted Rs. 600,000 to the department last year. “The available resources are not enough to monitor the cooperatives which number almost 20,000,” said Dhakal.
There are 19,924 cooperatives in the country including savings and credit, multi-purpose, dairy, agriculture and consumer cooperatives. Among them, around 23 percent are concentrated in the Kathmandu Valley. According to the Department of Cooperatives, they hold deposits worth Rs. 65 billion. However, Finance Ministry officials said that deposit collection should be much higher than that.
source:ekantipur
The department said that it had been struggling to implement the 60-point work plan forwarded by the Ministry of Finance. The ministry had recently prepared a 60-point work plan and asked the department to work in cooperation with Nepal Rastra Bank. The work plan is the outcome of a study jointly carried out by the Finance Ministry, Nepal Rastra Bank and the Department of Cooperatives.
Following last year’s liquidity crunch, the government had suspected that a huge amount of money might have been deposited in poorly monitored cooperatives because of the requirement to disclose income sources for land transactions and deposits of more than Rs. 1 million made in banks and financial institutions.
The study showed that most of the cooperatives had accepted fixed deposits for up to five years that involved opening a current account. They were also found to be issuing loans against gold and silver as collateral in violation of the law.
Some cooperatives were being run as family businesses when the rules don’t allow multiple members of a family to be board members. Most cooperatives were found to have collected deposits amounting to 20-60 percent of their issued capital when the new regulations say that deposit collection should not exceed 10 percent. According to the work plan, cooperatives should limit their spread rate to 6 percent. Similarly, lending per borrower should not exceed 10 percent of the capital fund. Moreover, cooperatives are permitted to carry out transactions only with the members of their authorised areas.
Registrar of the Department of Cooperatives Sudarshan Prasad Dhakal said that cooperatives could not be monitored effectively due to a shortage of resources including manpower. Though there are two experts from Nepal Rastra Bank, the department said it was difficult to implement the work plan because of an inadequate budget. The government had granted Rs. 600,000 to the department last year. “The available resources are not enough to monitor the cooperatives which number almost 20,000,” said Dhakal.
There are 19,924 cooperatives in the country including savings and credit, multi-purpose, dairy, agriculture and consumer cooperatives. Among them, around 23 percent are concentrated in the Kathmandu Valley. According to the Department of Cooperatives, they hold deposits worth Rs. 65 billion. However, Finance Ministry officials said that deposit collection should be much higher than that.
source:ekantipur
NEPSE dropped 57 points in first quarter
The stock market has been on a downhill course with the political uncertainty showing no signs of being resolved. The Nepal Stock Exchange (NEPSE) declined by 57.43 points during the first quarter of the current fiscal year. The index plunged from 477.73 points on July 19, 2010 to 420.3 points on Oct. 13, the last day of trading before the Dashain holidays.
Although NEPSE showed some signs of recovery during the last eight days before Dashain, stock experts did not term it natural. “With the end of the first quarter, the market had been pushed up to avoid a margin call,” said Nanda Kishore Mundada, president of the Nepal Stockbrokers Association. “I doubt NEPSE will continue to rise after Dashain.”
Some stock analysts attributed the pre-festival upswing to increased investor confidence with the introduction of the Mutual Fund Regulation and the Central Depository System (CDS) regulation. These two regulations came into effect just ahead of Dashain. The Mutual Fund Regulation has been seen as an urgent need to benefit small investors.
Likewise, with the CDS regulations in place, the government has paved the way for setting up a CDS company as per the Securities Act 2006. NEPSE will have a 51 percent stake in the proposed company while a number of banks and financial institutions will hold the rest. The CDS would make ownership transfer of securities fast and reliable and maintain a database of investors in a more scientific way with computer-based trading Excluding other market factors, market experts held the higher rate of interest on borrowing as being responsible for the fall in the stock market. Interest rates have been increased due to a liquidity crunch in the second half of the last fiscal year.
“Currently, the major concern of investors is the rate of interest excluding other things, which directly or indirectly affects the bourse,” added Mundada.
Unlike in previous years, announcements of cash dividends and bonus shares at the end of the fiscal year failed to cheer up investors. As a result, the stock market dived to a four-year-low on Sept. 20. NEPSE had dropped to 402.11 points on Nov. 1, 2006.
According to the concerned stakeholders, the amount of cash dividends and bonus shares did not match the expectations of investors. “Investors were expecting to receive bonus shares instead of cash dividends,” said Jagadish Agrawal, a stock expert. “The cash dividends were quite low compared to the rate of borrowing.”
During the period under review, 1,651,218 units of bonus shares of six companies were listed on the capital market. Likewise, 19,697,990 units of right shares of four companies and 42,575,000 ordinary shares of four companies were listed on the stock exchange.
Meanwhile, the stock market realised a total turnover of Rs. 1.82 billion over the first quarter leading to market capitalization amounting to Rs.355.72 billion.
Date NEPSE Index
2010-07-18 477.73
2010-07-18 468.53
2010-08-16 453.7
2010-09-16 404.43
2010-10-13 420.3
source;ekantipur
Although NEPSE showed some signs of recovery during the last eight days before Dashain, stock experts did not term it natural. “With the end of the first quarter, the market had been pushed up to avoid a margin call,” said Nanda Kishore Mundada, president of the Nepal Stockbrokers Association. “I doubt NEPSE will continue to rise after Dashain.”
Some stock analysts attributed the pre-festival upswing to increased investor confidence with the introduction of the Mutual Fund Regulation and the Central Depository System (CDS) regulation. These two regulations came into effect just ahead of Dashain. The Mutual Fund Regulation has been seen as an urgent need to benefit small investors.
Likewise, with the CDS regulations in place, the government has paved the way for setting up a CDS company as per the Securities Act 2006. NEPSE will have a 51 percent stake in the proposed company while a number of banks and financial institutions will hold the rest. The CDS would make ownership transfer of securities fast and reliable and maintain a database of investors in a more scientific way with computer-based trading Excluding other market factors, market experts held the higher rate of interest on borrowing as being responsible for the fall in the stock market. Interest rates have been increased due to a liquidity crunch in the second half of the last fiscal year.
“Currently, the major concern of investors is the rate of interest excluding other things, which directly or indirectly affects the bourse,” added Mundada.
Unlike in previous years, announcements of cash dividends and bonus shares at the end of the fiscal year failed to cheer up investors. As a result, the stock market dived to a four-year-low on Sept. 20. NEPSE had dropped to 402.11 points on Nov. 1, 2006.
According to the concerned stakeholders, the amount of cash dividends and bonus shares did not match the expectations of investors. “Investors were expecting to receive bonus shares instead of cash dividends,” said Jagadish Agrawal, a stock expert. “The cash dividends were quite low compared to the rate of borrowing.”
During the period under review, 1,651,218 units of bonus shares of six companies were listed on the capital market. Likewise, 19,697,990 units of right shares of four companies and 42,575,000 ordinary shares of four companies were listed on the stock exchange.
Meanwhile, the stock market realised a total turnover of Rs. 1.82 billion over the first quarter leading to market capitalization amounting to Rs.355.72 billion.
Date NEPSE Index
2010-07-18 477.73
2010-07-18 468.53
2010-08-16 453.7
2010-09-16 404.43
2010-10-13 420.3
source;ekantipur
NEPSE suspended 25 Cos for not paying dues
The Nepal Stock Exchange (NEPSE) on Wednesday suspended trading of shares of 25 companies for not paying their annual renewal fees as per the Securities Listing Bylaws 2002.
According to a press release issued by NEPSE, a majority of the defaulters belong to the manufacturing and processing group. The rest include three trading companies,
four finance companies, five development banks, one hotel, one insurance company and one company in the others category.
The shares of most of the suspended companies have not been traded on the secondary market for the last few years. Jyoti Spinning Mill, Butwal Spinning Mill, Arun Banaspati Udyog and Birat Shoe have hardly witnessed trading in recent days. However, shares of Api Finance, IME Financial Institution, Prabhu Finance, Kasthamandp Development Bank, Malika Bikas Bank and Diprox Development Bank were being actively traded on NEPSE.
Shares of Madhyamanchal Grameen Bikas Bank had been suspended since May 25 as promoters of Unity Life International were involved in it. Unity has a 58 percent stake in the bank. NEPSE had initially published a list of 27 companies that had been suspended. Trading in the shares of two of them, Nilgiri Bikas Bank and Goodwill Finance, resumed after they paid their dues. The annual fee charged by NEPSE to be listed on the stock market depends on the company’s paid-up capital. The payment ranges from 0.2 percent of the paid-up capital or Rs. 15,000 to 0.075 percent or Rs. 50,000 per year.
source:ekantipur
According to a press release issued by NEPSE, a majority of the defaulters belong to the manufacturing and processing group. The rest include three trading companies,
four finance companies, five development banks, one hotel, one insurance company and one company in the others category.
The shares of most of the suspended companies have not been traded on the secondary market for the last few years. Jyoti Spinning Mill, Butwal Spinning Mill, Arun Banaspati Udyog and Birat Shoe have hardly witnessed trading in recent days. However, shares of Api Finance, IME Financial Institution, Prabhu Finance, Kasthamandp Development Bank, Malika Bikas Bank and Diprox Development Bank were being actively traded on NEPSE.
Shares of Madhyamanchal Grameen Bikas Bank had been suspended since May 25 as promoters of Unity Life International were involved in it. Unity has a 58 percent stake in the bank. NEPSE had initially published a list of 27 companies that had been suspended. Trading in the shares of two of them, Nilgiri Bikas Bank and Goodwill Finance, resumed after they paid their dues. The annual fee charged by NEPSE to be listed on the stock market depends on the company’s paid-up capital. The payment ranges from 0.2 percent of the paid-up capital or Rs. 15,000 to 0.075 percent or Rs. 50,000 per year.
source:ekantipur
United Finance : AGM
16th AGM of United Finance will be held on following date and time.
Date: 2067/07/10 (As of 27 oct. 2010)
Time: 4 Pm
Place: Nepal tourism Board Building, Pradasani Marga, Kathmadu.
Agenda: 13.16% cash dividend, annual report and so on.
Date: 2067/07/10 (As of 27 oct. 2010)
Time: 4 Pm
Place: Nepal tourism Board Building, Pradasani Marga, Kathmadu.
Agenda: 13.16% cash dividend, annual report and so on.
SEBON probes claim on fake papers
The Nepal Stock Exchange is preparing to recommend the names of 34 hopeful stockbrokers to the Securities Board of Nepal even as the regulatory body is investigating a complaint filed by one of the candidates.
Saral Securities had formally requested SEBON on Oct. 11 to thoroughly check the documents certifying the qualification and experience of the managing director and the directors of aspiring companies before finalising the stockbrokers’ selection process.
Saral Securities has written in its letter to SEBON, “The secondary market had conducted the written examination amid complaints of fake and incomplete documents submitted by aspiring stock brokering companies; hence as a regulatory body, SEBON needs to investigate the facts before finalising the process.”
Saral Securities has also suggested to SEBON to provide a time limit of one week for claims to be made against any applicant’s paperwork.
SEBON chairman Surbir Poudel said, “We have received the complaint, and we are currently looking into the matter.” Defending the delay in the process due to the inquiry, Poudel added that it was better to be late than sorry. “The complaint will give us a chance to correct any mistakes in the process,” he said.
Meanwhile, NEPSE is determined to finish the process within the timeframe set by the selection committee. “We will recommend the names of the best 34 companies to the regulatory body on Nov. 2,” said NEPSE general manager Shankar Man Singh.
The secondary market had set the deadline of Nov. 1 to submit the legal verification of the paid-up capital of applicant companies from the concerned banks and financial institutions. After the paperwork is completed, NEPSE will recommend the names of 34 candidates on the basis of merit.
However, both SEBON and NEPSE are determined to complete the process as soon as possible. With the growth in the number of investors and listed companies, the two bodies have felt the need for additional stock brokers in the security market.
Currently, there are 183 companies listed on the bourse, up from 60 in 1994 when NEPSE was established. However, the number of stock brokers has declined from 32 to 23. With the addition of new brokers, investors are expected to benefit from the resulting competition among brokerage firms.
“We will issue licenses to the best 27 from among the 34 candidates after fulfilling the rest of the procedure,” said Poudel.
The selection process, which began three years ago, has been running into various obstacles from different quarters delaying the process of picking 27 new brokers for the security market.
news source:the kathmandu post
Saral Securities had formally requested SEBON on Oct. 11 to thoroughly check the documents certifying the qualification and experience of the managing director and the directors of aspiring companies before finalising the stockbrokers’ selection process.
Saral Securities has written in its letter to SEBON, “The secondary market had conducted the written examination amid complaints of fake and incomplete documents submitted by aspiring stock brokering companies; hence as a regulatory body, SEBON needs to investigate the facts before finalising the process.”
Saral Securities has also suggested to SEBON to provide a time limit of one week for claims to be made against any applicant’s paperwork.
SEBON chairman Surbir Poudel said, “We have received the complaint, and we are currently looking into the matter.” Defending the delay in the process due to the inquiry, Poudel added that it was better to be late than sorry. “The complaint will give us a chance to correct any mistakes in the process,” he said.
Meanwhile, NEPSE is determined to finish the process within the timeframe set by the selection committee. “We will recommend the names of the best 34 companies to the regulatory body on Nov. 2,” said NEPSE general manager Shankar Man Singh.
The secondary market had set the deadline of Nov. 1 to submit the legal verification of the paid-up capital of applicant companies from the concerned banks and financial institutions. After the paperwork is completed, NEPSE will recommend the names of 34 candidates on the basis of merit.
However, both SEBON and NEPSE are determined to complete the process as soon as possible. With the growth in the number of investors and listed companies, the two bodies have felt the need for additional stock brokers in the security market.
Currently, there are 183 companies listed on the bourse, up from 60 in 1994 when NEPSE was established. However, the number of stock brokers has declined from 32 to 23. With the addition of new brokers, investors are expected to benefit from the resulting competition among brokerage firms.
“We will issue licenses to the best 27 from among the 34 candidates after fulfilling the rest of the procedure,” said Poudel.
The selection process, which began three years ago, has been running into various obstacles from different quarters delaying the process of picking 27 new brokers for the security market.
news source:the kathmandu post
Share trading of nine companies resume
Out of the 25 listed companies whose share transactions were suspended, nine have resumed after paying their renewal fee to Nepal Stock Exchange (Nepse).
Salt Trading Company (STC), IME Financial Institution (IMEFIL), Prabhu Finance (PRFL), Malika Bikas Bank (MDBL), Api Finance (AFL), Diprox Development Bank Ltd (DDBL), Kasthamandap Development Bank Ltd (KDBL), Goodwill Finance Company (GFCL) and Nilgiri Bikas Bank (NGBL) paid their annual fee as per the Securities Listing By-laws 2002.
A majority of the defaulters belong to the manufacturing and processing group.
The rest include three trading companies, four finance companies, five development banks, one hotel, one insurance company and one company in the others category.
All the listed companies are required to pay the annual renewal fee within three months of a fiscal year’s end. However, these companies had failed to make the payment within the deadline period that ended on October 17.
The listed companies have to pay annual renewal fees depending upon their capital structure.
The renewal fee depends on the capital structure of the company but the maximum renewal fee for any company stands at Rs 50,000. source:nepalnews
Salt Trading Company (STC), IME Financial Institution (IMEFIL), Prabhu Finance (PRFL), Malika Bikas Bank (MDBL), Api Finance (AFL), Diprox Development Bank Ltd (DDBL), Kasthamandap Development Bank Ltd (KDBL), Goodwill Finance Company (GFCL) and Nilgiri Bikas Bank (NGBL) paid their annual fee as per the Securities Listing By-laws 2002.
A majority of the defaulters belong to the manufacturing and processing group.
The rest include three trading companies, four finance companies, five development banks, one hotel, one insurance company and one company in the others category.
All the listed companies are required to pay the annual renewal fee within three months of a fiscal year’s end. However, these companies had failed to make the payment within the deadline period that ended on October 17.
The listed companies have to pay annual renewal fees depending upon their capital structure.
The renewal fee depends on the capital structure of the company but the maximum renewal fee for any company stands at Rs 50,000. source:nepalnews
Siddhartha Bank Limited: Right share certificate
The issue manager Ace Capital Publish a notice regarding right share certificate distribution of Siddhartha Bank Limited. Certificate will distribute from today (2067/07/07
Zenith Finance Limited: Ordinary share listed
The ordinary share of Zenith Finance Limited (10 lakh 50 thousand ordinary share) has been listed in NEPSE and bank also appoint Growmore Merchant Banker as register to share
Annapurna Finance Limited: AGM
The BOD meeting dated 2067/07/08 decided to do annual general meeting on following date and time.
Date: 2067/07/30 (as of Nov.16,2010)
Place: Hotel Mount Kailash Resort, Lake side, Pokhara
Time: 10:00 am
Book close: 2067/07/17 to 2067/07/03
Date: 2067/07/30 (as of Nov.16,2010)
Place: Hotel Mount Kailash Resort, Lake side, Pokhara
Time: 10:00 am
Book close: 2067/07/17 to 2067/07/03
Janata Bank Limited: AGM
The AGM of Janta Bank will be held on following date and time.
Date: 2067/08/04 (as of 20 Nov. 2010)
Place: Army Officers club, Bhadrakali, Kathmandu
Time: 10:00 am
Date: 2067/08/04 (as of 20 Nov. 2010)
Place: Army Officers club, Bhadrakali, Kathmandu
Time: 10:00 am
Sanima Bikash Bank: book close
The AGM dated 206609/02 decided to book close to issue 1:1.5 right share on 2067/07/18
Unilever Nepal Limited: AGM
Unilever Nepal Limited has announced it’s upcomming 17th annual general meeting, will be held on following date and time.
Date: 2067/08/02 (as of 18 Nov. 2010)
Place: Nepal Pragya Prathisthan, Kamaladi, Kathmandu
Time: 03:00 pm
Date: 2067/08/02 (as of 18 Nov. 2010)
Place: Nepal Pragya Prathisthan, Kamaladi, Kathmandu
Time: 03:00 pm
Sunrise Bank Limited: AGM
The 3rd AGM of Sunrise Bank Limited will be held on following date and time.
Date: 2067/08/12 (As of 28 Nov. 2010)
Time:03:00 pm
Place: Rastriya Shavagriya hall, Bhrikutimandap, Kathmandu
Date: 2067/08/12 (As of 28 Nov. 2010)
Time:03:00 pm
Place: Rastriya Shavagriya hall, Bhrikutimandap, Kathmandu
Kamana Bikash Bank: ordinary share notice
The issue manager N.C.M Merchant Banking Limited( N.I.D.C Capital Markets Limited) publish notice about ordinary share of Kamana Bikash Bank. Ordinary share can be filled from the following counters:
N.I.D.C Capital Markets Limited- Kamalpokhari
N.I.D.C Capital Markets Limited- New road
Kamana Bikash Bank Limited- Lekhnath 7, Kaski
Kamana Bikash Bank Limited- Chipledhunga, Kaski
Kamana Bikash Bank Limited- Bandipur 1, Dumre, Tanahau
Kamana Bikash Bank Limited- Shrijana chowk, Kaski
Kamana Bikash Bank Limited- Lekhnath 12, Dhungepatan
Kamana Bikash Bank Limited- Bharatpur 4, Chitwan
Reliance Finance Limited- Pradasni Marga, Kathmandu
Valley Finance Limited- Itahari
International Development Bank- Biratnagar
Nepal Audhogik Bikash Nigam Limited- Biratnagar
Shahayogi Bikash Bank Limited- Janakpur
Bhargarba Bikash Bank Limited- Nepalgunj
Public Development Bank Limited- Birgunj
Nepal Express Finance Limited- Butwal
Kanchan Development Bank Limited- Mahendra Nagar
Metro Development Bank Limited- Bhorletar, Lamjung
Click on picture to enlarge.
N.I.D.C Capital Markets Limited- Kamalpokhari
N.I.D.C Capital Markets Limited- New road
Kamana Bikash Bank Limited- Lekhnath 7, Kaski
Kamana Bikash Bank Limited- Chipledhunga, Kaski
Kamana Bikash Bank Limited- Bandipur 1, Dumre, Tanahau
Kamana Bikash Bank Limited- Shrijana chowk, Kaski
Kamana Bikash Bank Limited- Lekhnath 12, Dhungepatan
Kamana Bikash Bank Limited- Bharatpur 4, Chitwan
Reliance Finance Limited- Pradasni Marga, Kathmandu
Valley Finance Limited- Itahari
International Development Bank- Biratnagar
Nepal Audhogik Bikash Nigam Limited- Biratnagar
Shahayogi Bikash Bank Limited- Janakpur
Bhargarba Bikash Bank Limited- Nepalgunj
Public Development Bank Limited- Birgunj
Nepal Express Finance Limited- Butwal
Kanchan Development Bank Limited- Mahendra Nagar
Metro Development Bank Limited- Bhorletar, Lamjung
Click on picture to enlarge.
Country Development Bank Limited: ordinary stock
Country Development Bank Limited
Total stock: 9,60,000 kitta
Minimun share to apply: 50 kitta
Maximum share to apply: 50,000 kitta
Open from: 2067/07/24
Closed: 2067/07/29
Issue Manager:NMC Merchant Banking Limited (NIDC Capital Markets Limited)
Total stock: 9,60,000 kitta
Minimun share to apply: 50 kitta
Maximum share to apply: 50,000 kitta
Open from: 2067/07/24
Closed: 2067/07/29
Issue Manager:NMC Merchant Banking Limited (NIDC Capital Markets Limited)
Bank Of Kathmandu Limited: bonus share certificate
Bank of Kathmandu publish notice regarding bonus share certificate distribution. Certificate will distribute from 2067/07/14.
Kumari Bank Limited: right share notice
Kumari Bank limited publish notice regarding it’s right share issue. Right share will open from 2067/07/19. Register to share is NCM Merchant Banking Limited ( branch of NIDC Capital Markets Limtied
Kankai Bikash Bank Limited: ordinary share certificate
The issue manager Growmore Merchant Banker Limited starts to distribute ordinary share certificate of Kankai Bikash Bank Limited from today (as of 2067/07/14)
growmoremerchant.com
growmoremerchant.com
Vibor Bikash Bank Limited: cash dividend
The BOD meeting of the company has decided to distribute cash dividend of NPR. 5.26 per share on subject to approval from NRB and upcoming AGM
Siddhartha Development Bank Limited: cash dividend
The BOD meeting of the company has decided to propose 6 % Cash Dividend on subject to approval from NRB and upcoming AGM.
Sagarmatha Merchant Banking and Finance Limited: Cash dividend
Sagarmatha Merchant Banking and Finance Limited will distribute cash dividend from today. Cash dividend schedule as follows:
Share holder no.1 to 4000: today
Share hokder no. 4001 to above all: 2067/07/16
Share holder no.1 to 4000: today
Share hokder no. 4001 to above all: 2067/07/16
Merchant Finance Company Limited: right share certificate
The issue manager Growmore Merchant Banker Limited starts to distribute right share certificate of Merchant Finance Company Limited from today
Sunrise Bank Limited: right share certificate
The issue manager NIDC Capital Markets Limited will distribute right share certificate of Sunrise Bank Limited from Wednesday (2067/07/17)
ICFC Finance Limited: cash dividend
The issue manager Elite Capital Limited starts to distribute 15% cash dividend of ICFC Finance Limited from today.
Prabhu Finance Company Limited: bonus share
The BOD meeting of the company dated 2067/07/14 has decided to give 20% bonus share
NDEP Development Bank Limited: bonus share
The BOD meeting of the company dated 2067/07/14 has decided to give 6.667% bonus share subject to approval from NRB and its upcoming AGM.
ACE Development Bank Limited: book Closure and cash dividend
The BOD meeting of the company dated 2067-07-10 has decided to conduct its 15th AGM on 2067-08-9.
The company is going to propose 8.50 cash dividend on upcoming AGM.
The company has announced book closure for AGM from 2067-07-25 to 2067-08-9.
The company is going to propose 8.50 cash dividend on upcoming AGM.
The company has announced book closure for AGM from 2067-07-25 to 2067-08-9.
Bank of Asia Nepal Limited: cash dividend
The issue manager Civil Capital Limited will distribute cash dividend of Bank of Asia Nepal Limited as following schedule.
2067/07/16: share holder no. 1 to 23000
2067/07/17: share holder no.23001 to 46000
2067/07/18: share holder no. 46001 to above all.
2067/07/16: share holder no. 1 to 23000
2067/07/17: share holder no.23001 to 46000
2067/07/18: share holder no. 46001 to above all.
ACE Development Bank: AGM
Place of AGM, Date and Time,
Place: Amritbhog, Kalikasthan, Dillibazar, Kathmandu
Date: 2067/08/09 (25 Nov 2010)
Time: 11:00 am
Book close: 2067/07/25 to 2067/08/09
Place: Amritbhog, Kalikasthan, Dillibazar, Kathmandu
Date: 2067/08/09 (25 Nov 2010)
Time: 11:00 am
Book close: 2067/07/25 to 2067/08/09
Laxmi Bank Limited: cash dividend
Laxmi Bank Limited will distribute cash dividend as following schedule.
2067/07/16: share holder no. 1 to 3000
2067/07/17: share holder no. 3001 to 6000
2067/07/18: share holder no. 6001 to 9000
2067/07/19: share holder no. 9001 to up above.
Place of distribution
Laxmi Bank Limited
Hattisar, Kathmandu
time:
10:00 am to 02:00 pm
10:00 am to 12:00 pm (Friday)
2067/07/16: share holder no. 1 to 3000
2067/07/17: share holder no. 3001 to 6000
2067/07/18: share holder no. 6001 to 9000
2067/07/19: share holder no. 9001 to up above.
Place of distribution
Laxmi Bank Limited
Hattisar, Kathmandu
time:
10:00 am to 02:00 pm
10:00 am to 12:00 pm (Friday)
Sunrise Bank Limited: AGM
Sunrise Bank Limited
Date:2067/08/21 (as of 7 Dec. 2010)
Time:03:00 pm
Place: Rastriya Shavagriya, Bhrikutimandap, Kathmandu.
Date:2067/08/21 (as of 7 Dec. 2010)
Time:03:00 pm
Place: Rastriya Shavagriya, Bhrikutimandap, Kathmandu.
Himchuli Bikas Bank Limited: cash dividend
The 71st BOD meeting of the company has decided to propose 8.42 percent cash dividend on subject to approval from its upcoming AGM.
Sanima Bikash Bank Limited: right share
Sanima Bikash Bank Limited
Total share: 1,20,96,000
Open: 2067/08/9
Close:2067/09/14
Issue manager: Citizen Investment Trust
Total share: 1,20,96,000
Open: 2067/08/9
Close:2067/09/14
Issue manager: Citizen Investment Trust
Infrastructure Development Bank Limited: right share certificate and money return
Infrastructure Development Bank Limited starts to distribute right share certificate and returning money. The issue manager of this Bank is Growmore Merchant Banker Limited
Global Bank Limited: AGM
Global Bank Limited publish notice regarding it’s 4th annual general meeting will be held on following schedule.
Date:2067/08/10 (as of 26 Nov. 2010)
Time: 10:00 am
Place: Hotel Vishwa, Birgunj, Parsa.
Book close: 2067/07/24 to 2067/8/10
Date:2067/08/10 (as of 26 Nov. 2010)
Time: 10:00 am
Place: Hotel Vishwa, Birgunj, Parsa.
Book close: 2067/07/24 to 2067/8/10
Nepal Industrial and Commercial Bank Limited: AGM
Nepal Industrial and Commercial Bank Limited publish notice about it’s 13th annual general meeting. AGM will be held on following schedule.
Date: 2067/08/17 ( as of 3rd Dev. 2010)
Time:12:30 pm
Place: Udyoj Sangathan Morang building, Sahid Marga, Tinpaini, Biratnagar.
Book close: 2067/07/02
Date: 2067/08/17 ( as of 3rd Dev. 2010)
Time:12:30 pm
Place: Udyoj Sangathan Morang building, Sahid Marga, Tinpaini, Biratnagar.
Book close: 2067/07/02
United Finance Limited: cash dividend
United Finance Limited will distribute 13.16% cash dividend from it’s main branch I.J Plaza, Durbar Marga
Prime Bank Limited: right share
Prime Bank Limited: right share
Total share: 1,10,00,000
Open: 2067/08/05
Close: 2067/09/11
Ratio: 1:1
Issue manager: Civil Capital Market Limited.
Total share: 1,10,00,000
Open: 2067/08/05
Close: 2067/09/11
Ratio: 1:1
Issue manager: Civil Capital Market Limited.
Karnali Development Bank Limited: ordinary share certificate
The issue manager Nepal Finance Limited starts to distribute ordinary share certificate of Karnali Development Bank Limited from 2067/07/18.
Kumari Bank Limited: AGM
Kumari Bank Limited publish notice about it’s 10th annual general meeting will be held on following schedule.
Date: 2067/0815 (as of 1 Dec. 2010)
Place: Nepal Prasasanik Prashichyad Prathisthan, Jaulakhel, Lalitpur.
Time: 10:00 am
Book close: 2067/08/01
Date: 2067/0815 (as of 1 Dec. 2010)
Place: Nepal Prasasanik Prashichyad Prathisthan, Jaulakhel, Lalitpur.
Time: 10:00 am
Book close: 2067/08/01
Siddhartha Bank Limited: AGM
Siddhartha Bank Limited publish notice about it’s 11th annual general meeting, will be held on following date and time.
Date: 2067/08/27 (as of 13 Dec. 2010)
Time:11:30 am
Place: Russian Culture Center, Kamalpokhari, Kathmandu.
Date: 2067/08/27 (as of 13 Dec. 2010)
Time:11:30 am
Place: Russian Culture Center, Kamalpokhari, Kathmandu.
Garima Bikash Bank: unaudited financial results
Garima Bikash Bank has publish it’s unaudited financial results at the end of first quarter (2067/06/31) of the fiscal year 2067/68.
Garima Bikash Bank
Pokhara-9, Mahendrapool, Kaski
Phone-061-533694, 061-533695
Fax-061533696
Garima Bikash Bank
Pokhara-9, Mahendrapool, Kaski
Phone-061-533694, 061-533695
Fax-061533696
Infrastructure Development Bank Limited: right share auction
Infrastructure Development Bank Limited is selling right share in auction.
Total share: 78,895
Minimun Per share: Rs-100
Minimum share to apply: 100 Kitta
Maximun share to apply: 25,00 Kitta
Application form: Rs-100
Auction starts: 2067/07/29
Last day of auction: 2067/08/06
Auction allotment: 2067/08/10, 1:30 pm, Growmore Merchant Banker Limited, Durbarmarga.
Total share: 78,895
Minimun Per share: Rs-100
Minimum share to apply: 100 Kitta
Maximun share to apply: 25,00 Kitta
Application form: Rs-100
Auction starts: 2067/07/29
Last day of auction: 2067/08/06
Auction allotment: 2067/08/10, 1:30 pm, Growmore Merchant Banker Limited, Durbarmarga.
Om Finance Limited: right share on auction
Om Finance Limited is selling right share in auction.
Total share:5910
Minimun Per share: Rs-100
Minimum share to apply: 10 Kitta
Application form: Rs-100
Auction starts: 2067/07/28
Last day of auction: 2067/08/12
Auction allotment: 2067/08/16, 12:00 pm, Om Finance Limited,Newroad, Pokhara.
Om Finance Limited
Newroad, Pokhara-9, Nepal
Ph- 067-532600/522209/522210
Fax-00977-61-532800
Total share:5910
Minimun Per share: Rs-100
Minimum share to apply: 10 Kitta
Application form: Rs-100
Auction starts: 2067/07/28
Last day of auction: 2067/08/12
Auction allotment: 2067/08/16, 12:00 pm, Om Finance Limited,Newroad, Pokhara.
Om Finance Limited
Newroad, Pokhara-9, Nepal
Ph- 067-532600/522209/522210
Fax-00977-61-532800
Kumari Bank Limited: right share
Right share of Kumari Bank limited open.
Total right share: 17,82,000
Open: 2067/07/29
Close: 2067/09/04
Ratio: 20:3
Issue manager: N.C.M Merchant Banking Limited (branch of NIDC Capital Markets Limited)
Total right share: 17,82,000
Open: 2067/07/29
Close: 2067/09/04
Ratio: 20:3
Issue manager: N.C.M Merchant Banking Limited (branch of NIDC Capital Markets Limited)
Nirdhan Utthan Bank Limited: Bonus Share and Cash Dividend
The BOD meeting of the company dated 2067/07/29 has decided to give 15% bonus share and 12.63% cash dividend subject to approval from NRB
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