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Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting. </p>
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Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting. </p>
<p style="text-align: justify;"><br />
The board has stressed the development bank to issue shares endorsed by general meeting not only for confidence of shareholders but also to follow current law. Niraj Giri, Acting Director and Spokesperson of the board said, “All the companies are equal in front of the law. It is good that a company is doing well but the decision made by general meeting should not be changed as per the regulation.’ He said that the precedent could make negative impact in the share market thus the relevant party must make decision practically. </p>
<p style="text-align: justify;"><br />
Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
<p style="text-align: justify;"><br />
However, Global IME came forward to acquire the bank for which both companies informed of agreement made between them to Nepal Stock Exchange on September 28, 2016. As per the agreement, the development bank will distribute accumulated profit of Rs 270.90 million to its current shareholders till June 2016. In case of failure of the acquisition, the development bank will have to issue right shares along with the lost opportunity of becoming a commercial bank. </p>
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Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting. </p>
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The board has stressed the development bank to issue shares endorsed by general meeting not only for confidence of shareholders but also to follow current law. Niraj Giri, Acting Director and Spokesperson of the board said, “All the companies are equal in front of the law. It is good that a company is doing well but the decision made by general meeting should not be changed as per the regulation.’ He said that the precedent could make negative impact in the share market thus the relevant party must make decision practically. </p>
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Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting. </p>
<p style="text-align: justify;"><br />
The board has stressed the development bank to issue shares endorsed by general meeting not only for confidence of shareholders but also to follow current law. Niraj Giri, Acting Director and Spokesperson of the board said, “All the companies are equal in front of the law. It is good that a company is doing well but the decision made by general meeting should not be changed as per the regulation.’ He said that the precedent could make negative impact in the share market thus the relevant party must make decision practically. </p>
<p style="text-align: justify;"><br />
Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
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<p style="text-align: justify;"><br />
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<p style="text-align: justify;"><br />
The board has stressed the development bank to issue shares endorsed by general meeting not only for confidence of shareholders but also to follow current law. Niraj Giri, Acting Director and Spokesperson of the board said, “All the companies are equal in front of the law. It is good that a company is doing well but the decision made by general meeting should not be changed as per the regulation.’ He said that the precedent could make negative impact in the share market thus the relevant party must make decision practically. </p>
<p style="text-align: justify;"><br />
Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
<p style="text-align: justify;"><br />
However, Global IME came forward to acquire the bank for which both companies informed of agreement made between them to Nepal Stock Exchange on September 28, 2016. As per the agreement, the development bank will distribute accumulated profit of Rs 270.90 million to its current shareholders till June 2016. In case of failure of the acquisition, the development bank will have to issue right shares along with the lost opportunity of becoming a commercial bank. </p>
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Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting. </p>
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The board has stressed the development bank to issue shares endorsed by general meeting not only for confidence of shareholders but also to follow current law. Niraj Giri, Acting Director and Spokesperson of the board said, “All the companies are equal in front of the law. It is good that a company is doing well but the decision made by general meeting should not be changed as per the regulation.’ He said that the precedent could make negative impact in the share market thus the relevant party must make decision practically. </p>
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Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
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Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting. </p>
<p style="text-align: justify;"><br />
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<p style="text-align: justify;"><br />
Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
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November 2: The recent stand of Securities Board of Nepal (SEBON) has created difficulty to Reliable Development Bank which was in a process to be acquired by Global IME bank. According to SEBON, the bank's initiation to go into acquisition with Global IME without issuing right shares to its shareholders as per the board of directors' decision is against the prevailed law. Based on which, the regulatory body has clearly stated that the bank cannot go into acquisition till the issuance of right shares approved by its annual general meeting (AGM).
Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting.
The board has stressed the development bank to issue shares endorsed by general meeting not only for confidence of shareholders but also to follow current law. Niraj Giri, Acting Director and Spokesperson of the board said, “All the companies are equal in front of the law. It is good that a company is doing well but the decision made by general meeting should not be changed as per the regulation.’ He said that the precedent could make negative impact in the share market thus the relevant party must make decision practically.
Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition.
However, Global IME came forward to acquire the bank for which both companies informed of agreement made between them to Nepal Stock Exchange on September 28, 2016. As per the agreement, the development bank will distribute accumulated profit of Rs 270.90 million to its current shareholders till June 2016. In case of failure of the acquisition, the development bank will have to issue right shares along with the lost opportunity of becoming a commercial bank.
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Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
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Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
<p style="text-align: justify;"><br />
However, Global IME came forward to acquire the bank for which both companies informed of agreement made between them to Nepal Stock Exchange on September 28, 2016. As per the agreement, the development bank will distribute accumulated profit of Rs 270.90 million to its current shareholders till June 2016. In case of failure of the acquisition, the development bank will have to issue right shares along with the lost opportunity of becoming a commercial bank. </p>
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Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting. </p>
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The board has stressed the development bank to issue shares endorsed by general meeting not only for confidence of shareholders but also to follow current law. Niraj Giri, Acting Director and Spokesperson of the board said, “All the companies are equal in front of the law. It is good that a company is doing well but the decision made by general meeting should not be changed as per the regulation.’ He said that the precedent could make negative impact in the share market thus the relevant party must make decision practically. </p>
<p style="text-align: justify;"><br />
Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
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However, Global IME came forward to acquire the bank for which both companies informed of agreement made between them to Nepal Stock Exchange on September 28, 2016. As per the agreement, the development bank will distribute accumulated profit of Rs 270.90 million to its current shareholders till June 2016. In case of failure of the acquisition, the development bank will have to issue right shares along with the lost opportunity of becoming a commercial bank. </p>
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Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting. </p>
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<p style="text-align: justify;"><br />
Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
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'title' => 'SEBON’s Stand Hinders Acquisition of Reliable Devt Bank',
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'summary' => 'November 2: The recent stand of Securities Board of Nepal (SEBON) has created difficulty to Reliable Development Bank which was in a process to be acquired by Global IME bank. According to SEBON, the bank's initiation to go into acquisition with Global IME without issuing right shares to its shareholders as per the board of directors' decision is against the prevailed law. Based on which, the regulatory body has clearly stated that the bank cannot go into acquisition till the issuance of right shares approved by its annual general meeting (AGM).',
'content' => '<p style="text-align: justify;">November 2: The recent stand of Securities Board of Nepal (SEBON) has created difficulty to Reliable Development Bank which was in a process to be acquired by Global IME bank. According to SEBON, the bank's initiation to go into acquisition with Global IME without issuing right shares to its shareholders as per the board of directors' decision is against the prevailed law. Based on which, the regulatory body has clearly stated that the bank cannot go into acquisition till the issuance of right shares approved by its annual general meeting (AGM).</p>
<p style="text-align: justify;"><br />
Global IME has indicated to withdraw the acquisition decision as the earlier decided swap ratio of the banks will be disordered. Upon the happening, the expectations of the Reliable Development Bank of becoming a commercial bank will not be meet. Similarly, the investors of Reliable Development bank are also favoring the acquisition as Global IME is one of the biggest commercial banks of Nepal which would yield high return on shares. One of the shareholders of Reliable said, “If Reliable turns a commercial bank, the shareholders will benefit in the future. The high level of management has assured the shareholders of the acquisition.” According to the sources of the bank, it is not necessary to issue right shares in 1:1 ratio approved by general meeting. </p>
<p style="text-align: justify;"><br />
The board has stressed the development bank to issue shares endorsed by general meeting not only for confidence of shareholders but also to follow current law. Niraj Giri, Acting Director and Spokesperson of the board said, “All the companies are equal in front of the law. It is good that a company is doing well but the decision made by general meeting should not be changed as per the regulation.’ He said that the precedent could make negative impact in the share market thus the relevant party must make decision practically. </p>
<p style="text-align: justify;"><br />
Many banks and financial institutions have opted to use alternatives such as merger, acquisition and issuance of right shares in order to meet minimum paid-up capital as per the directive of Nepal Rastra Bank by the fiscal year 2073/74. Therefore, Reliable had made plan of issuing right shares till it gets suitable partner for merger and acquisition. </p>
<p style="text-align: justify;"><br />
However, Global IME came forward to acquire the bank for which both companies informed of agreement made between them to Nepal Stock Exchange on September 28, 2016. As per the agreement, the development bank will distribute accumulated profit of Rs 270.90 million to its current shareholders till June 2016. In case of failure of the acquisition, the development bank will have to issue right shares along with the lost opportunity of becoming a commercial bank. </p>
<p> </p>
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