Pokhara, January 13, 2025 – Muktinath Bikas Bank Limited concluded its 18th Annual General Meeting (AGM) at the Pokhara Event Center, Bulaudi, Pokhara. The meeting commenced at 11:00 AM, bringing together shareholders, board members, and other stakeholders to review the bank's achievements and discuss strategic decisions for its future growth.
Key Highlights of the AGM:
1. Financial Highlights of FY 2080/81
The AGM reviewed the bank's financial performance for the fiscal year 2080/81. Despite market challenges, the bank reported steady growth, reflecting its robust business strategy and commitment to its customers.
2. Appointment of Auditor
A new auditor was appointed for the upcoming fiscal year to ensure financial transparency and compliance with regulatory standards.
3. Report of Muktinath Capital Limited
The consolidated report of Muktinath Capital Limited, a subsidiary of the bank, was presented, showcasing its contributions to the overall growth and success of the organization.
4. Transfer of Registered Office
Shareholders approved the transfer of the bank's registered office to a new location, aiming for operational efficiency and better service delivery.
5. Independent Director Appointment
The AGM approved the appointment of an independent director, ensuring stronger governance and strategic oversight.
6. Issuance of Preference Shares
The issuance of 8.5% Muktinath Perpetual Non-Cumulative Preference Shares was approved, offering an innovative investment opportunity to stakeholders.
7. Capital Increment
The AGM endorsed an increment in the bank's authorized, issued, and paid-up capital, aiming to strengthen its financial base and expand its operations.
8. Due Diligence Audit and MoU Endorsement
The shareholders ratified the due diligence audit and Memorandum of Understanding (MoU), marking a step forward in the bank's strategic collaborations.
9. Appointment of Valuators
Professional valuators were appointed to assess and evaluate the bank's assets and investments.
10. Amendments to Memorandum and Articles of Association
Amendments were made to the bank's Memorandum and Articles of Association to align with regulatory requirements and future goals.
The successful conclusion of the AGM reflects the bank's dedication to transparency, growth, and stakeholder value creation. Muktinath Bikas Bank Limited remains committed to enhancing its services, ensuring sustainable growth, and contributing to Nepal's economic development.
