Kathmandu. Siddhartha Bank Limited’s 25th Annual General Meeting (AGM) has approved a 10% bonus share distribution and a 10% cash dividend for ordinary shareholders. The meeting was held on Wednesday, Ashwin 28, 2083, at the Army Officers Club in Bhadrakali, Kathmandu, under the chairmanship of Rahul Agrawal, Chairperson of the bank’s Board of Directors.
The AGM approved the issuance of bonus shares worth Rs. 1,479,447,920, equivalent to 10% of the bank’s current paid-up capital of Rs. 14,794,479,195 allocated to ordinary shares.
In addition, the meeting approved a 10% cash dividend amounting to Rs. 1,479,447,920 for ordinary shareholders. The cash dividend provision also includes the amount required for tax purposes on both bonus shares and cash dividends.
Cash Dividend Approved for Preference Shareholders
The AGM also approved a cash dividend for holders of irredeemable non-cumulative preference shares.
The bank will distribute Rs. 107,589,041 as a cash dividend, calculated at the rate of 8.25% on the paid-up preference share capital of Rs. 3.5 billion.
The dividend will be calculated proportionately for 136 days, covering the period from the date of allotment of the preference shares until the end of Ashadh 2083. The approved amount includes the provision for tax purposes.
Annual Report and Financial Statements Approved
The meeting approved the Board of Directors’ annual report for the fiscal year 2082/83, along with the auditor’s report and the financial statements as of the end of Ashadh 2083.
The approved financial statements include the statement of financial position, profit and loss statement, cash flow statement, and statement of changes in equity.
The AGM also approved the appointment of an external auditor and the determination of the auditor’s remuneration, along with other proposals presented at the meeting.
With these decisions, Siddhartha Bank’s 25th AGM has approved the proposed bonus shares and cash dividend for ordinary shareholders, as well as a separate cash dividend for preference shareholders.
