Kathmandu. The 22nd Annual General Meeting of Shangrila Development Bank Limited has been concluded. The AGM held at Alice Reception, Gairidhara, Kathmandu on Thursday, October 7, has approved a proposal to distribute a total dividend of 10.5263 percent to the shareholders.

The AGM approved the proposal of distributing 6.5263 percent cash dividend (including tax) of the current issued and paid-up capital of the bank amounting to Rs 3.73 billion.

Similarly, the meeting has approved the proposal of distributing 4 percent bonus shares i.e. 149.36 million 740.22 rupees.

After the dividend distribution, the paid-up capital of the bank will reach Rs 3.88 billion, 34,34,245.75 rupees. The AGM also elected a six-member new board of directors unopposed for the next four years. Ujjwal Satyal, Sushil Kaji Baniya and Shyam Kumar Sharma have been elected unopposed as promoter shareholders while Bishnu Prasad Dhakal, Krishna Prasad Regmi and Bhawana Agrawal have been elected unopposed as directors of the general shareholders.

Meanwhile, the newly elected board of directors has elected Ujjwal Satyal as the chairman of the board of directors. The meeting also approved the financial statements for the financial year 2082-83 as well as the proposals related to the appointment of auditor, amendment of the memorandum of association and merger and acquisition.

The bank has been providing services through 109 branches and 30 ATMs across the country based on the trust and confidence of the general public. The bank has pledged to continue the best practices of corporate governance, risk management and internal control system and make the expansion of services more effective in the coming days.