The Agricultural Development Bank Limited (ADBL) has said that it is set to issue ordinary shares as soon as the Securities Board of Nepal (SEBON) gives the go-ahead. The bank said on Tuesday that it had already fixed the sales and issue manager and the collection centers for share applications.
"We are just waiting for SEBON's final decision," said chief executive officer Shyam Singh Pandey at a press meet held to publicize the bank's achievements in the last fiscal year. The ADBL has appointed Ace Development Bank as issue manager and underwriter. The share issue worth Rs. 960 million will be the largest ever in the country's history. SEBON said that it was at the final stage of giving its approval to the ADBL's share issue. "It should not take long for the approval to come," said SEBON chairman Surbir Poudel.
Pandey added that the bank would be modernising its service by installing core banking system which would allow it to start any branch banking system. "We have already signed the purchase agreement with the vendor Timenos, Singapore, and the company is working to install the system," he said. The Asian Development Bank has been providing assistance to ADBL for its restructuring and modernization.
The Asian Development Bank has provided US$ 6.5 million to the ADBL to purchase the core banking system software. The ADBL said that it was also planning to start foreign exchange, letter of credit (LC) and online banking services besides expanding its ATM network throughout the country. "We have already established a treasury department in order to work on the bank's short-term investment, foreign exchange and liquidity management," said Pandey.
Source:
ekantipur.com
Wednesday, January 20, 2010
ADBL ready to issue largest ever IPO
IPO Allotment of Kasthamandap
According to SEBON provision on IPO allotment, there is minimum of 40 days and maximum of 70 days to allot the public issue after the closing date. Companies have to allot within 40 days after IPO closing if the number of application is less than 100000. Likewise, if application is between 100000-200000 allotment within 50 days, 200000-300000 within 60 days and if the number of application exceeds 300000, maximum days of allotment will be 70 days.
As per the SEBON rule, Kasthamandap allotted its IPO within 60 days as it had total number of applicants of 2,30,188 including 101 staffs and 364 invalid applicants. Likewise, the demand of shares at IPO was 4,77,27,597 units by all the applicants. However, only 29307 applicants (including 101 staffs) entitled to be the shareholder of the development bank holding total units of 960000 (including 38400 for staffs).
IPO Allotment of Kasthamandap
According to SEBON provision on IPO allotment, there is minimum of 40 days and maximum of 70 days to allot the public issue after the closing date. Companies have to allot within 40 days after IPO closing if the number of application is less than 100000. Likewise, if application is between 100000-200000 allotment within 50 days, 200000-300000 within 60 days and if the number of application exceeds 300000, maximum days of allotment will be 70 days.
As per the SEBON rule, Kasthamandap allotted its IPO within 60 days as it had total number of applicants of 2,30,188 including 101 staffs and 364 invalid applicants. Likewise, the demand of shares at IPO was 4,77,27,597 units by all the applicants. However, only 29307 applicants (including 101 staffs) entitled to be the shareholder of the development bank holding total units of 960000 (including 38400 for staffs).
Wednesday, January 6, 2010
Sunrise to issue 60% rights shares
The second Annual General Meeting (AGM) of Sunrise Bank Limited has decided to issue 60 percent rights shares to its shareholders.
A press statement issued by the Bank said that with the issuance of the rights shares, its total paid up capital would be Rs. 2 billion. The AGM also selected Suresh Basnet and Hikmat Bahadur Mali as the members of the bank's Board of Directors. The net profit of the bank rose by 412 percent in the last fiscal year as compared to the profit earned in the previous fiscal year.
Source:
ekantipur.com
Bank of Asia Held 2nd AGM
Bank of Asia Nepal has held its second annual general meeting on 4th January 2010 (2066 Poush 20). The AGM has approved the proposal to distribute five percent cash dividend and 2:1 right shares to its shareholders.
Issuing a press statement on Tuesday, the bank said it also decided to appoint Him Bahadur Rawal and Binod Kumar Pyakurel as board members from the ordinary shareholders.
Source:
Jamb News Service
Friday, January 1, 2010
Siddhartha Dev Bank gets nod to go nationwide
Siddhartha Development Bank, which initially got a license to operate within three districts, has got the approval to go nationwide from Nepal Rastra Bank (NRB).
After the Butwal-based finance company increased its capital to Rs. 640 million, a prerequisite for a national development bank as per the Bank and Financial Institutions Act, it was given the nod to go nationwide, said an NRB official. Currently, it has been operating in Rupandehi, Nawalparasi and Chitwan.
Source:
ekantipur.com
NICB in Malangawa
NIC Bank Limited has opened a new branch in Malangawa of Sarlahi district on Thursday. It will provide a full range of products and services including all modern day banking facilities like trade finance, remittance, business banking, ATM debit cards, drafts, SMS banking and traveller cheques. The bank recently announced 15 per cent bonus shares and 0.79 per cent cash dividend for the year 2008-09.
Source:
THT
Standard Fin applies for commercial bank permit
Standard Finance Company has applied to Nepal Rastra Bank (NRB) for permission to upgrade to an A class commercial bank from its C classification. If it gets the license from the central bank, it will be the second financial institution after Kist Bank to get a double promotion to A class. Kist had been raised to a commercial bank last year.
NRB officials said although some other financial institutions had also shown interest to upgrade themselves, they have not submitted a concrete proposal. There has been a tendency on the part of financial institutions to talk more about upgrading but doing little about it. According to NRB, Standard Finance's paid-up capital stands at Rs. 1.18 billion currently which it should increase to Rs. 2 billion to become a commercial bank.
Shailesh Kumar Aryal, company secretary of the finance company, said that they would increase the capital base to the required level within this fiscal year by issuing 1:1 rights shares in February. "We have applied to NRB to get a letter of intent to upgrade our company," he said. Standard Finance was established 14 years ago.
Financial institutions now have a better chance to be upgraded after the central bank introduced the policy from this year that they could apply for upgrading before increasing their capital base. "We fix the timeline with regard to capital after the letter of intent and they must increase their capital to the level fixed by the law to get the final license," said a source at NRB. They will also have to confirm if they have a stake in other financial institutions and the number of shareholders and other details during the licensing process as per the central bank's licensing policy. "It will take at least three-four months for Standard Finance to be upgraded if it fulfils all the prerequisites on time," the NRB official said.
Source:
ekantipur.com
30% Bonus Share & 10% Cash Dividend: NCM
Source:
Jamb News Service
50% Bonus Share: Lalitpur Finance Limited
Source:
Jamb News Service
Sanima's association account scheme
Under this scheme, an association or club with an account in the Sanima Bikas Bank, when introduces any other people to open an account in the bank, earns 0.5% of the total interest earned by those people.
"The people introduced by the association get their share of interest and the introducer also gets the 0.5% of the interest which probably is provided by Sanima Bank alone throughout the country," Madhu Sudan Rimal, assistant relationship officer at the bank, said. He also claimed the new scheme is doing pretty well in the market as there are many such clubs and organization that are in the need of fund to operate.
Source:
myrepublica.com
Citizen Bank Branches to Cover 14 Zones
Source:
Jamb News Service
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