Cash Dividend of Fewa Finance

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.

Source: 
nepalstock.com

Birgunj Finance Ltd is 7 yrs old now

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.

Source:
tht

New savings plan: Sagarmatha Merchant Banking and Finance

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.

Source: 
tht

Cash Dividend of Clean Energy Dev. Bank

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.

Source:
nepalstock.com

NIBL, 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.

Source: 
ekantipur

Book Closure of Nepal Investment Bank

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. The bank has decided to close the share transfer from 13th Ashwin, 2067 until completion of its 24th AGM.

Source: 
nepalstock.com

15% Cash Dividend of 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.

Source: 
nepalstock.com

NMB Bank introduces e-pal card

NMB Bank introduced NMB e-pal card from its Banepa branch from Monday. NMB e-pal card can be used in restaurants, departmental stores, medical shops, electronics shops, books and stationary depots, clothing stores, petrol pumps and other shops to make cashless transactions. The bank will soon collaborate with water and electricity authorities so that people do not have to wait in line for hours to pay utility bills. Customers do not need to have bank account to get an e-pal card. Since a customer can buy items through the card and sellers have their account credited automatically, it is believed to be useful.

Source:
tht

25% dividend of Nepal Investment Bank

Share holders of Nepal Investment Bank Ltd (NIBL) today lost Rs 68 per unit share but the bank announced 25 per cent cash dividend amounting to Rs 602,274,425 to its shareholders for the fiscal year 2009-10. The board-meeting of the bank decided on the dividend amount that is subject to central bank and AGM's approval. NIBL will pay a total of Rs 180,682,326 to Rastriya Banijya Bank and Rastriya Beema Sansthan, its government stakeholders who together own a 30 per cent stake in bank.

The bank has also paid Rs 800 million to the government making it the highest tax payer among the Nepali banks and the fifth largest among Nepali corporates. "Overall, Nepal Investment Bank will contribute around Rs 981 million to state coffers, including the profit paid to its government shareholders," said general manager of the bank Jyoti Pandey. "The bank has continued its long term strategy to become the leading bank in the country by pursuing a strategy of growth and delivery of quality financial services."It has achieved remarkable growth over the past eight years. In 2002 it started with a total paid up capital of Rs 0.5 billion and the bank has a paid up capital of 2.4 billion ¿ one of the largest in the country ¿ at present. The bank has a deposit base of around Rs 50 billion and the total assets of the bank have increased to Rs 57 billion this year making it the largest lender in Nepal from Rs 4.9 billion in 2002.

Similarly, Nabil Bank lost Rs 39 per unit share. The bonus announcements and nearing book closure of the listed companies have pulled the Nepse down by 1.99 points to 402.44 points today. Except the shareholders of hydropower and hotels, all the shareholders lost today in the secondary market that saw 1,004 transactions worth Rs 27,540,241. A total of 75,430-unit shares changed hands today. Similarly, KIST Bank Ltd's board meeting decided to give five per cent cash dividend subject to approval from Nepal Rastra Bank and its AGM. Meanwhile, Uniliver Nepal has decided its book closure from September 24.

Source:
tht

Merger between Investment Bank & Everest Bank hotly debated

Before it has even materialised, the proposed merger between two leading commercial banks of Nepal seems to have hit the rough weather. A week after the news about the proposed merger between Nepal Investment Bank Limited (NIBL) and Everest Bank Limited (EBL) appeared in the local media, some board members at the NIBL has opposed the plan. A source close to the NIBL said that the merger issue was hotly debated in the NIBL Friday's board meeting. Prithivi Bahadur Pande, chairman of the NIBL, hinted that there were notes of dissent about the merger proposal at the board meeting. "It is natural to see opposition when we start to do a new thing," Pande told the Post. He didn't elaborate what the level of dissent was. .

For their part, some board members and the senior bank staff say they were kept in the dark by Chairman Pande about the proposed merger plan. "It would have been better had the board and senior management been informed about it," said a board member on condition of anonymity. Pande said that it was "an informal dialogue" between two chairmen and "nothing has been finalized yet." "It is not necessary to take approval for informal dialogue," said Pande, the NIBL chairman. "It is necessary to get the board's approval for the formal merger process." According to media reports, there was a meeting between the NIBL Chairman and B.K. Shrestha, chairman of the EBL, in New Delhi in the last week of August for the merger between the two banks. Pande admitted that there had been talks between him and Shrestha to "test waters." India's Punjab National Bank (PNB) that has a 20 percent stake in the EBL is said to be positive about the merger.

Pande termed the meeting between him and Shrestha in New Delhi as just a case of testing the waters. "Until there are formal talks, it should not be taken as a merger taking place between the two banks," said Pande. The NIBL board member say they are not against the merger per se. "Our concern is that the NIBL must have a majority stake in case of a merger," he said. "We can't allow the NIBL to merge with the EBL in a scenario where NIBL would lose its identity." While how much stake the NIBL and the EBL each will have after the merger has not been finalised, media reports say the PNB is keen to get majority stakes. Also, the PNB wants the majority management of the bank. And, this is the issue that has made the senior management of the NIBL jittery.

The senior staff at the NIBL is of the view that there should not be a change in the top management structure. "One major concern for them is that of job security," said the board member. The NIBL (earlier Nepal Indosuez Bank) was established in 1986 as a joint venture between Nepali and French partners. The French partner with 50 percent holding of the capital of NIBL was Credit Agricole Indosuez. But the French company, in 2002, sold its stake to a Nepali group of companies comprising bankers, professionals, industrialists and businessmen. Since then, Pande has been leading the NIBL and has, in the last eight years, made the NIBL as one of Nepal's leading banks. In the last fiscal year, its net profit was the highest amongst the private sector banks. As of now, its promoters have a 50 percent stake while Rastriya Banijya Bank and Rastriya Beema Sansthan, both government entities, each hold a 15 percent stake. The noise of the merger in fact began two years ago. The NIBL had then upgraded its banking software from Pumori to Finnacle which the EBL was already using.

Source:
ekantipur

Cash Dividend: ILFC

The BOD meeting of the company dated 2067/05/28 has decided to give 6.84% (5% dividend after tax net 6.5%) cash dividend subject to approval from NRB and its upcoming AGM.

Source:
nepalstock.com

Nabil Bank's Cash Back

Nabil Bank Limited has launched a special promotional scheme named Cash Back to its Visa debit card customers during the Dashain and Tihar festival. Issuing a press statement, the bank said the scheme will be effective from September 17 to November 16. Under the scheme, all the Nabil bank Visa debit card customers will get one percent cash back on every purchase transaction they process through their Nabil Visa debit cards. The amount earned by each cardholder during the scheme period will be credited to customer´s bank account during the first week of November.  In addition to the Cash Back scheme, the bank has also made discount arrangements with various merchants in the Kathmandu Valley. These merchants will provide discount to both debit and credit card holders of the bank on purchase of various goods and services, the statement added.

 Source: 

Myrepublica

Announcements

Notice of NMB Bank and NMB Capital: NMB

NMB Bank and NMB Capital Ltd has jointly issued notice as all the works carried out by NMB Bank regarding RTS service will now handled by NMB Capital Ltd. 

Upcoming 15th AGM: NMB

NMB Bank Ltd has announced its upcoming 15th annual general meeting to be held on 10 October 2010 (2067 Ashwin 24).

Error Corrected: NABIL

Nabil bank has corrected the error on notice published regarding the 26th AGM.

Ordinary Share Allotment: Kankai Bikas Bank

Kankai Bikas Bank Ltd has allotted its ordinary share to 6725 applicants on 18 September 2010 (2067 Ashwin 2) which is based on following model.

Share Slip Distribution & Money Return Notice: Garima Bikas Bank

Garima Bikas Bank Ltd is distributing share slip and returning the money to the non-allotted applicants from 19 September, 2010 (2067 Ashwin 3).

Upcoming 4th AGM: CDBL 

City Development Bank Ltd has announced its upcoming 4th annual general meeting to be held on 12 October 2010 (2067 Ashwin 26).

Online IPO allotment results of Valley Finance Ltd, Garima Dev. Bank, Himalaya Finance Ltd, Kankai Bikash Bank

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Central bank to cut down circulation of new bank notes this Dashain

Nepal Rastra Bank (NRB) has said that it will sharply cut-down the issuance of fresh banknotes during the Dashain festival, as rate of notes damage remains very high during the festive season. Said an NRB official, the central bank was planning to fulfill the currency demand through a combination of new notes and notes in circulation in equal proportion. "However, we assure that the previously used notes to be issued will be very clean and as good as new notes," said NRB spokesperson Gopal Kafle, assuring that it will not dissatisfy the customers habituated to using new notes during the Dashain festival.

In the past, the central bank used to fulfill demand of different denominations, particularly smaller ones, by circulating freshly printed notes. But the bank decided to break the tradition practice as 80 percent of the new notes issued during Dashain are spoiled so badly that those notes cannot be reissued in the market. According to NRB, the normal life of Nepali paper money has a specific time span of 1.5 years. However, a large chuck of them becomes unusable within a year due to users´ mishandling. And notes freshly issued in Dashain cannot be reissued after three months.

"This is unwanted loss, which has unwanted cost attached," said an official at NRB Currency Management Division. Given that the cost is eventually met with taxpayers´ money, he argued it was meaningless having to shoulder the unnecessary cost when the clean notes can serve the purpose. Moreover, the central bank has assured that people who reeled under short supply of notes and were forced to curtail consumption during Dashain last year will witness affairs in the market completely different this festive season.

Officials at the central bank said it presently has Rs 97 billion worth of fresh notes in its inventory, whereas, it estimates the demand for fresh notes stands at around Rs 25 billion during the festive season. "Our inventory is strong and stands multifold of demand we expect to witness this season. People will not face notes crunch this year," said NRB Governor Dr Yuva Raj Khadiwada. Last year, the central bank had failed to pump out enough notes in the market during the festival, when consumption shot up dramatically, creating short supply of money in the system.

While that had created severe inconvenience, general customers were forced to cut-down consumption and their confidence in the banking system had eroded. According to an estimate, the consumption during Dashain this year will jump well over Rs 50 billion surpassing the earlier record. As the existing notes in circulation will fulfil the major chunk of people´s needs, NRB anticipates its preparedness to pump out Rs 25 billion will keep the business in normal state.

The central bank has said it has already issued enough cash to its seven offices located in Pokhara, Siddharthanagar, Janakpur, Biratnagar, Birgunj, Nepalgunj and Dhangadi to manage notes demand in different parts of the country.


Source:
myrepublica

10% Cash Dividend & 10% Bonus Share: NMB Bank

The BOD meeting of the company dated 2067/05/31 has decided to give 10% bonus share which was approved by NRB and 10% cash dividend.

Source: 
nepalstock.com

10% Cash Dividend of Sanima

The BOD meeting of the company dated 2067/05/29 has decided to give 10% cash dividend from the profit of FY 2066/067 which is subject to approval from NRB and its upcoming AGM.

Source:
nepalstock.com

Cash Dividend Rs. 560 per share: Uniliver Nepal

The BOD meeting of the company dated 15/09/2010 has recommended distribution of Rs. 560 per share as final dividend out of the profit available for appropriation during the year.

BOD has also approved distribution of Rs. 500 as Interim Dividend per share out of the aforementioned final dividend of Rs. 560 per share for the year 2066/67 post certification of the audited annual accounts for the year by the statutory auditors.

Source:
nepalstock.com

Shikhar Bittiya Sanstha enters 7 & to issue 1:1 right shares

Shikhar Bittiya Sanstha celebrated its sixth anniversary. The C-class finance company has earned Rs 15 million net profit in 2009-10, which is Rs 5.2 million more than a fiscal ago. The company is going to issue 1:1 right shares.

Source:
tht

New branch of Sagarmatha Merchant Banking and Finance Ltd

Sagarmatha Merchant Banking and Finance Ltd (SMBFL) started the operation from its fifth branch at Jhapa's Damak, on Wednesday. Earlier the company has opened the branches at Birtamod, Dharan, Biratnager and Itahari. The company conducts different kinds of deposit and lending scheme.

Source: 
tht

Ace Development Bank's Corporate Social Responsibility (CSR) initiative

Ace Development Bank has supported a project organised by Winrock International by providing 10 water pumps. Under Ace's Corporate Social Responsibility (CSR) initiative, it targets uplifting the livelihood of 300 farmers of Sonmati Majaura, Ayodhya Nagar and Chandra Lal Pur of Siraha. The project aims to provide alternate resource to petrol and diesel and teach modern farming methods to generate higher income for local farmers, said the bank. The process of alternative resource to petrol and diesel include collecting Jatropa seeds from waste land of Sonmati Majaura, Ayodhya Nagar and Chandra Lal Pur of Siraha, then recycling to produce fuel which will be an alternative to petrol and diesel.

Source:
tht

Announcements

Book Closure for Interim Cash Dividend: Unilever Nepal Ltd

Unilever Nepal Ltd has issued book closure notice for interim cash dividend from 23 September to 1 October 2010 (2067 Ashwin 7 to 15). 

Upcoming 26th AGM: NABIL

Nabil Bank Ltd has announced its upcoming 26th annual general meeting to be held on 11 October 2010 (2067 Ashwin 25).  

Up coming 1st AGM: Bright Dev Bank

Bright Development Bank Ltd has announced its upcoming 1st annual general meeting to be held on 9 October 2010 (2067 Ashwin 23).

RTS Appoionted: Siddhartha Development Bank Ltd

Siddhartha Development Bank Ltd has appointed Growmore Merchant Banker Ltd as Registrar to Share.

Book Closure For Right Share: Nirdhan Utthan Bank Ltd.

Nirdhan Utthan Bank Ltd. has announced its book closing date for 2:1 right share on 24 Sep 2010 (2067 Ashwin 8).

Announcements

Ordinary Share Allotment: Himalaya Finance

Himalaya Finance Ltd has allotted its ordinary share to 25220 applicants on 15 September 2010 (2067 Bhadra 30) which is based on following model.

4th Quarter Financial Report & Company Analysis (2066/67): Everest Insurance Co. Ltd

Everest Insurance Co. Ltd has published financial reports and company analysis during the fourth quarter of fiscal year 2066/67. 

Press Release: NIDC Capital Markets (NCM)

NIDC Capital Markets has issued press release regarding the ordinary share allotment of Valley Finance Ltd on 15 Sep, 2010 (2067 Bhadra 30). 

Ordinary Share Allotment: Valley Finance

Valley Finance Ltd has allotted its ordinary share to 51407 applicants on 15 September 2010 (2067 Bhadra 30) which is based on following model. More Details 

Treasury Bill Issue: Nepal Rastra Bank (NRB)

Nepal Rastra Bank is issuing 28 days Treasury bill, 91 days Treasury bill, 182 days T-bill and 364 day T-bill on 21 September 2010. The bid quotation are to be submitted by 20 September, 2010 (2067 Ashwin 5). 

Right Share on Auction: Sunrise Bank Ltd (SRBL)

Sunrise Bank Ltd is selling right share in auction. These are the unsubscribed share after right issue.

Nepal Bangladesh Bank's first-aid camp

Nepal Bangladesh Bank (NBB) in collaboration with Alka Hospital organised a first-aid camp in the premises of Pashupatinath temple on the occasion of Teej. The camp provided free first-aid service to more than 1,000 people, said a release from the bank

Source: 
tht

Makers and movers; despite all

Amid the worsening business environment, energy crisis and political uncertainties, the country's manufacturing sector recorded a modest growth the last fiscal year. The Manufacturing Production Index (MPI), released by Central Bureau of Statistics (CBS) shows construction-related products and dairy products are the ones that registered an impressive growth in 2009-10. 

The MPI shows interesting results. As per the MPI, manufacturing of only five products had declined the last fiscal year, with other products maintaining growth. But barring a few products, the growth of others has been modest. As was the case in the third quarter, production of iron rods and galvanized pipes that has the largest weight in the MPI had strong growth of 7.20 percent. Though the demand for iron rods and pipes has declined of late, the growth is due to strong demand in the earlier quarters. Cement and concrete are other two construction materials that saw impressive growth during the period. Production of cement increased by 5.26 percent, while production of concrete went up by 4.25 percent.

Cement industry has been one sector where more investment is coming since the past few years. The rise in cement production over the past few years is now substituting the import of Indian cement. The Nepal Rastra Bank's annual macroeconomic statistics shows import of cement from India declined last year by 3.2 percent. According to Bal Krishna Shrestha, president of Nepal Steel Rolling Mills Association said that the increased demand for iron rods pushed up the overall production. "Had there been political stability and sufficient energy supply, production could have been increased," said Shrestha.

Over the last few years, more steel mills were established in the country. Till now, there are 18 steel mills in the country. The growth in the iron production can be ascertained by the fact that the import of M.S. Billet, a major raw material, increased by 42.72 percent in the last fiscal year. Nepal imported M.S. Billet worth Rs 14.32 billion, an increment of 42.72 percent. Pradeep Kumar Shrestha, managing director of Panchakanya Group says the growth in the production is due to more players coming into the business. Manufacturers say there has been a decline in the demand which may hit production this year.

"Till the third quarter, there was also good demand but it has subsided in the last quarter due to decline in the construction sector," said Shrestha. Dairy products were another major gainer last year. Milk production in the country increased by almost 8 percent last year. The country's dairy sector has made impressive progress last year with Chitwan Co E establishing a powder milk factory in Chitwan and Sujar Dairy of Pokhara exporting powder milk to Pakistan. Liquor industries in the country are having a better run. Among beverage products, the production of rectified alcohol was the star, with its production increasing by almost 10 percent. But, manufacturing of beer, recorded a slower growth¿only 3.19 percent. The growth in production of soft drinks remained below two percent.

Agricultural products like rice, wheat flour and animal feed recorded an increment of 2.33 percent last year. Though production of wheat flour and animal feed rose by 4.47 percent and 9.17 percent, respectively, it was the dismal growth of rice that pulled down the overall index. The production of rice, that commands 7.8 percent weight in MPI, grew by only 1.81 percent. In this group, noodles and chocolate production has increased by 4.12 percent and 3.49 percent. The MPI paints a bleak picture of Nepal's major exportable products. While woollen carpets and tanned hides recorded a nominal growth, the manufacture of readymade garments declined. As per the index, the production of readymade garments witnessed a 1.87 percent decline during the period. With export to third countries and India going down by 80.5 percent and 20.7 percent, respectively last year, decline in garment production was understandable. Production of woollen carpets saw a marginal growth of 0.26 percent while production of tanned hides also registered a growth of 4.42 percent. Among all industrial products, plastic products with a weight of 5.74 percent in the MPI had growth of almost 4.53 percent.

Source:
ekantipur

Nepal Bank Ltd's new branch

Nepal Bank Ltd (NBL) has restarted Chandrauta branch in Kapilvastu district on Sunday. The branch was closed during political conflicts in the country. Bank's management committee coordinator Dr Puspa Raj Rajkarnikar inaugurated the branch at a function on Sunday. With this the number of NBL branches has reached 109. The bank is planning to reinstate 11 more branches as per financial feasibility in the current year.

Source: 
tht

Newspaper Announcements

4th Quarter Financial Report & Company Analysis (2066/67): UIC

United Insurance Co. Ltd has published financial reports and company analysis during the fourth quarter of fiscal year 2066/67.

Right Share Certificate Distribution and Money Return Notice: PSDBL

Pashupati Development Bank Ltd. is distributing right share certificate from 14 September 2010 (2067 Bhadara 29) and returning money for those who have applied higher .

Newspaper Announcements

4th Quarter Financial Report & Company Analysis (2066/67): SICL

Shikhar Insurance Ltd has published financial reports and company analysis during the fourth quarter of fiscal year 2066/67.

Right Share Issue Closing: MFCL

Merchant Finance Company Ltd is closing its right share issue today (12 September 2010) after banking hour.

Prime Life Insurance's mela

Prime Life Insurance is organising a `Ramailo Mela' at Pokhara's Naya Bazaar from September 9 to 12. The festival will be inaugurated by actor Rajesh Hamal. Entertainment and musical events will have also been scheduled.

Source:
tht

Sagarmatha Merchant Banking branch

Sagarmatha Merchant Banking and Finance Ltd has opened its second branch at Sunsari district's Dharan on Wednesday. The finance company provides ABBS service, AMS banking, ATM and remittance services. The finance company has plans of opening more branches at Biratnagar, Damak and Itahari.

Source: 
tht

Kist starts talks programme

"Success cannot be attained in one go, everyone needs to work hard with an optimistic attitude and have a strong determination to acquire the goals they set for themselves," said Ambica Shrestha, president of Dwarika's Hotels and Resorts during a talk programme organised by Kist Bank here today. The first Kist talk programme also honoured Shrestha for her contribution to economic development as well as conservation of Nepali and Newari heritage. 

Starting from today, Kist Bank will be having these talk programs once every month for this fiscal year for young entrepreneurs. Kist talk is an initiative taken by Kist Bank as an attempt to bring excellence in the skills and dexterity of young and amateur entrepreneurs. "We will be organising such programmes every month and are looking for it to be a stepping stone towards further innovative ideas towards enriching the new generation of entrepreneurs," said Kamal Prasad Gyawali, managing director of KIST Bank.

KIST talk aims to be an opportunity to bring theoretical knowledge into the practical exercise by which significant personalities would be addressing audiences with their knowledge and sharing experiences that they have encountered on their path towards business success.

Source:
tht

Seventh anniversary: Annapurna Bikas Bank

Annapurna Bikas Bank Ltd has entered into its seventh year of its operation. The bank is planning to open 10 more development banks in the current fiscal year. The bank provides the services such as ABBS, evening counter, 365 days banking, free good for payment, cheque clearance and so on. The bank has been able to collect deposit worth Rs 849.9 million and floated loans worth Rs 1.16 billion, while the bank has earned Rs 74 million as operation profit.

Source: 
tht

New brokers' test results on Wednesday

Nepse will publish the final list of the eligible contenders of the new share brokers' license test on Wednesday. The last date of re-applying was on August 31, the next ten days Nepse had set aside to reevaluate the applications and whether they still meet the criterion. After the end of the deadline for application, only 162 of the original 316 applicants had reapplied for the exam. "So far, there is no sign of any possible hassles regarding the matter, so hopefully, the exam will take place as per schedule," said Nepse General Manager Shanker Man Singh.
"We are tabulating the information regarding the applicants examining whether they are still eligible or not," he added. After two and half year long hiatus, this time Nepse is moving cautiously with the whole process. Thus, the test for remaining 25 marks will also be automatic with instant result, in order to avoid any pressure or manipulations. Nepse had published the notice regarding resumption of the share broker's selection process on August 10 after two and a half years. The notice also asked the applicants to restate their eligibility in writing. When the process was halted in February 2008, Nepse had already selected 316 applicants from the total of 336 applicants that had to go through test of 25 marks. But Commission for Investigation of Abuse of Authority (CIAA) halted the process questioning the transparency in the appointment process just the day before the test was going to take place.

Source:
tht

Green Invest launches investment service

Investment banking and business advisory service is set to make massive headway in Nepal. Green Invest Limited (GIL), a newly-formed financial services firm, on Sunday announced the launch of its investment banking and business advisory service. Promoted by leading business houses, GIL has an authorized capital of Rs. 350 million. Among GIL's 32 shareholders are Nimbus Group, Golchha Group, Wlink, ICTC, Smart Choice Technologies and others. GIL has a seven-member board with Jagadish Prasad Agrawal as chairman. The other members of the board are Dileep Agrawal, Hemant Golchha, Ravi Chandra Singh, Suresh Lal Shrestha, Kailash Chandra Goyal and Gun Chandra Bista. 

According to its promoters, GIL has been formed with the objective of providing a range of financial services in the market. Initially, it will start services in project financing, merger and acquisition, corporate restructuring, business advisory services and facilitating strategic tie-ups. GIL will also seek to facilitate investment in Nepal by Indian and other international investors. "Despite having a comparatively better FDI regulation, Nepal hasn't been able to sell it," said GIL chairman Agrawal. "The company will work for investment promotion."

With this in mind, it is planning to come up with an equity fund of Rs. 5 billion through foreign direct investment. Setting up mutual fund, getting into housing and consumer finance and pension fund are among GIL's future plans. GIL has technical collaboration with Ernst & Young for this venture. "We bring the advantage of our established global experience and understanding of business trends," said Sunil Chandiramani of Ernst & Young India. GIL will venture into other financial services over a period of 12-24 months, said its promoters. "There will be a few investment opportunities in the offing," said one promoter. Agrawal said that GIL has plans to go public. Once it goes public, its authorized capital will be increased to Rs. 500 million, according to one promoter.

Source:
ekantipur

SBI Bank suspends accounts of 400

Nepal SBI Bank, Biratnagar has suspended the accounts of more than 400 customers found to be involved in withdrawing Indian currency (IC) in India with Nepali ATM cards. They were found making the withdrawals in the Indian towns of Farbisgunj and Jogbani on the same day they deposited Nepali rupees in banks in Nepal. "We have suspended the accounts of those found misusing the ATMs and forwarded a list of the accounts facing suspension to Nepal Rastra Bank," said Ameet Koirala, manager of SBI Bank, Biratnagar. The trend of using Nepali ATM cards for withdrawing Indian currency from Indian banks is increasing amid the deepening shortage of Indian currency in the Nepali market.

However, SBI Bank has not disclosed the names of the customers involved. An official at Nepal Rastra Bank (NRB) Biratnagar Office said most of account holders involved in misusing the ATMs are money changers. "We have also instructed other banks to suspend the accounts of such customers," the official added. The central bank has demanded details of customers who withdraw at least 25,000 rupees in Indian currency at a time and 200,000 per month. NRB had given permission to 19 local money changers to exchange a maximum of 2,000 rupees Indian per person. In addition, NRB has been making available 5,000 to 30,000 Indian rupees for those going to India for medical treatment. Nepali customers are estimated to have been withdrawing at least 10 million Indian rupees per day from Farbisgunj, using the Nepali Visa Debit Card.

Source:
myrepublica

IME opens 20th branch

IME Financial Institution inaugurated its 20th branch at Chapagaun in Lalitpur on Tuesday. Chairperson of the institution, Hemraj Dhakal, and Lalitpur CDO Ratna Rajya Pandey jointly inaugurated the branch on the occasion of its sixth anniversary. Issuing a press statement, the institution said it was providing banking services 365 days a year and also providing free debit card to its customers. The institution had earned Rs 914 million as net profit in fiscal year 2009/10.

Source:
myrepublica

Announcements Published In Newspapers

Special GM: WMBF

World Merchant Bank & Finance Ltd has announced its special General Meeting to be held on 25 Sep 2010 (2067 Ashwin 9).  

Right Share Allotment: SRBL

Sunrise Bank Ltd. has allotted its right shares. 

Dividend Distribution: SHL

Soaltee Hotel Ltd has issued notice for the collection of uncollected dividend 

Right Share on Auction: SBBLJ

Sahayogi Bikas Bank Ltd is selling right share in auction. These are the unsubscribed share after right issue.

 Book Closure For Right Share: RMBFI

Royal Merchant Bank and Finance Ltd. has announced its book closing date for 1:1 right share on 19 Sep 2010 (2067 Ashwin 3).

 Notice Regarding Broker License: NEPSE

Nepal Stock Exchange has issued notice regarding the license of Brokers. More Details

 Share Slip Distribution & Money Return Notice: Karnali Dev Bank

Karnali Development Bank Ltd is distributing share slip and returning the money to the non-allotted applicants from 10 September, 2010 (2067 Bhadra 25). More Details

 Up coming 7th AGM: BDBL

Business Development Bank Ltd has announced its upcoming 7th annual general meeting to be held on 1 October 2010 (2067 Ashwin 15) and also published the meeting minute of meeting number 132.

 Treasury Bill Issue: NRB

Nepal Rastra Bank is issuing 28 days Treasury bill, 91 days Treasury bill, 182 days T-bill and 364 day T-bill on 14 September 2010. The bid quotation are to be submitted by 13 September, 2010 (2067 Bhadra 29).

 Right Share Certificate Distribution: SBBLJ

Sahayogi Bikas Bank Ltd. is distributing right share certificate from 8 September 2010 (2067 Bhadra 23).