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Vibor Society and Lumbini Finance to Merge

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Vibor Society and Lumbini Finance to Merge
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April 20: Vibor Society Development Bank has called up its 9th annual general meeting at Star Venue, Naxal, Kathmandu on May 11. In the coming AGM, the bank is informing its stakeholders about the finalization of the merger process with Lumbini Finance and Leasing Company Ltd. Moreover, the AGM is set to approve a special proposal on share swap ratio of the merging entities. The share swap ratio of 100 shares of Lumbini Finance to 800 shares of Vibor Society has been finalized for the merger.    

The bank will proposed to issue 10:1 right issue after the merger for its existing shareholders. After the merger, a new board of directors will be elected. The AGM is also set to approve a proposal on changing the name of the institution to ‘Lumbini Bikas Bank Ltd’. 

 

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