ADBL to hold three years' AGMs by March

Agriculture Development Bank Ltd (ADBL) is going to hold its annual general meeting (AGM) within this March and also floating shares to its employees.
"The bank is planning to hold its three AGMs of the last three fiscal years by this March," said chief executive officer (CEO) of the bank Shyam Singh Pandey.
"We have asked for the permission with the central bank to hold the AGM," he said, adding that the bank, however, will not be able to distribute dividends to its shareholders this year. "The bank has posted a profit of Rs 1.91 billion in the last fiscal year and the networth per unit share stands at Rs 147."
The bank has not been able to hold its AGM since last three fiscal years due to change in its capital structure. The 24th commercial bank -- ADBL -- had floated its 9.6 million-unit of ordinary shares worth Rs 960 million last April creating a history of the largest primary issue in the banking sector in Nepal. Earlier, it had sold 4.52 million-unit shares to its existing shareholders -- the borrowers of the bank that has 16.25 million-unit promoters shares, some two years ago.
Due to the delay in the listing of the primary shares, the bank had not been able to hold its annual general meeting.
"The 2,29,000 share holders have Rs 1.41 billion worth shares of the bank," Pandey said, adding that the government has Rs 1.62 billion, out of the total Rs 3.20 billion issue capital of the bank. "However, the paid up capital of the bank stands at Rs 9.43 billion at present, including the Rs 2.30 billion preferential share of the government," he added. "Agriculture Development Bank Ltd is the bank with the highest paid up capital in the country after floating shares worth Rs 162.5 million to its employees."
After the shares to the employees, the government's share will come down to 51 per cent and public share will be 49 pre cent.
He also informed that the bank has Rs 3.68 billion that it received under the loan waiver programme of the earlier government. Under the loan waiver programme of small farmes, the then finance minister Dr Baburam Bhattarai had waived the total loan and interest of upto Rs 30,000, and interest and penalties on the loan amount from Rs 30,000 to Rs 1,00,000.
To make up the losses, his budget had provided Rs 9.18 billion over a period of 10 years to Agriculture Development Bank Ltd, Rastriya Banijya Bank and Nepal bank Ltd.