Share MarketSummit microfinance convenes general meeting to pass 25 % bonus, when is...

Summit microfinance convenes general meeting to pass 25 % bonus, when is the book close?

Summit Microfinance Financial Institution Limited (SMFDB )has called its 13th annual general meeting. A meeting of the Board of Directors of the company held on Push 1 has decided to held the meeting at Aabukhaireni Restaurant and Party Palace Aabukhaireni-3, Tanahu on Push 24 at 10 am.

The meeting will endorse a 25.28 percent bonus share on the paid-up capital of Rs. 39.43 crores as proposed by the board of directors. The 17th meeting of the board of directors held on Mangsir 13 decided to distribute the dividend. The entirety of the dividend has been proposed in bonus shares. Since the company started joint operation after the merger with Sajilo Laghubitta on 6th Ashoj last year, it has received tax exemption on dividends. Thus, there is no cash dividend has been proposed.

In addition, it is proposed to issue additional 751,712 ordinary shares at the premium to the general public and to provide the authority to the Board of Directors for that purpose.

Similarly, the agenda of the meeting is to discuss and pass the annual report of the last fiscal year, to discuss and pass the schedules of the balance sheet, profit and loss account and cash flow statement of the same fiscal year. Also, the auditor will be appointed for the fiscal year 2078/79 and his / her remuneration will also be determined.

For the AGM,  Poush 15 is the book closure date. Thus, shareholders maintained before that day can participate in the meeting and receive the proposed dividend of the company.

As of writing, The company (SMFDB) has an LTP of Rs 1,370.

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