Commerz and Trust Bank
Nepal (CTBN) will issue six million units of primary shares worth Rs 600
million at a face value of Rs 100 per unit from February 17 to February 21.
Of the total, some
300,000 units have been bought by Siddhartha Mutual Fund and Citizens Units,
according to the capital market regulation. Likewise, some 300,000 unit shares
will be for employees of the bank. The bank will allot the remaining 5,400,000
unit shares to the general public.
"Buying Commerz and
Trust Bank's share will be profitable for both short-term and long-term
sustainable returns," said chief executive of the bank Anal Raj Bhattarai.
The bank, with 13
branches, has low operating cost, he said, adding that it is planning to add
three more branches, one each in Rolpa, Birgunj and Baneshwor of Kathmandu,
soon. "It posted a profit of Rs 65 million in the second quarter of the
current fiscal year."
CTBN had recently held
interactions with potential investors in Birgunj, Biratnagar, Pokhara, Butwal
and Dharan to inform them of the bank's primary shares. "We have received
overwhelming response from potential investors," Bhattarai added. "They
are more aware of the primary issues and bank's financials, which is a good
sign for the progress of the capital market."
An investor can apply
for a minimum of 50 unit shares and to a maximum of 1,500,000 units, but the
bank will distribute shares proportionately on the basis of total amount of
applications, according to the new regulation.
Commerz and Trust Bank
Nepal, which started operations on September 20, 2010, with a paid up capital
of Rs 1.40 billion — as the 29th commercial bank of the country — will have a
paid up capital of Rs 2 billion after the shares are issued.
The market will see Mega
Bank and Century Commercial Bank's primary issue after Commerz and Trust Bank
Nepal that will be listed as the 29th commercial bank at Nepse after its shares
are alloted to the public.
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