Century Commercial Bank’s SGM successfully conducted; approves acquisition of Alpine Dev. Bank & Seti Finance
Century Commercial Bank Limited (CCBL) has successfully conducted its Special General Meeting (SGM) on Bhadra 23, 2074 at Amritbhog Carters Pvt Ltd, Kalikasthan, Kathmandu. The SGM has approved acquisition process of Alpine Development Bank Limited and Seti Finance Limited.
As per the press release published by the bank today, The share swap ratio of the BFIs has also been approved by the SGM. Now, shareholders of Alpine Development Bank holding 100 shares will be given 93 shares of Century Commercial Bank. Likewise, Seti Finance holding 100 shares will be given 70 shares of Century Commercial Bank
In addition, after the acquisition its paid up capital will reach Rs 6 arba. CCBL has been issuing 40% ( worth Rs 1.88 arba) right shares to its shareholders from Shrawan 16 till Ashwin 2, 2074. To meet the capital requirement of Rs 8 arba, Century Commercial Bank will provide from the profit it earned in the last FY 2073/74. The number of branches of the bank will reach 90 after acquisitions.