Bank Of Kathmandu BoK holding AGM today, to endorse 14% bonus share

The Bank of Kathmandu (BoK) is holding its Annual General Meeting today. The AGM will, among other things, endorse 14 percent bonus shares by to its shareholders from the net profit it earned in last fiscal year 2069/70.

Last month Nepal Rastra Bank had approved of the dividend proposed by the commercial bank to much respite for the shareholders.

The BOK and Himalayan Bank (HBL) have moved the court to withhold making payments to Melamchi Water Supply Development Board (MWSDB) following a row between the parties.

This had worried the shareholders as it might affect the distribution of dividends offered by the banksas they might have to provision the due amount.

The BoK, which had issued advance payment guarantee, risk losing US $6.62 million to pay as counter guarantee amount to MWSDB after their client — China Railway 15 Bureau Group Corporation — failed to complete the construction of the tunnel.

Himalayan Bank stands to lose $6.2 million for guarantee made for the contractor’s performance bond.

-sharesansar