Century Commercial Bank starts distributing IPO allotment slips, refunds from 9th March

A day after allotting the Initial Public Offering (IPO) worth Rs 92 crore, Century Commercial Bank Limited has stated that it will start distributing allotment slips and refund the non-allottees from March 9 i.e. coming Sunday.The IPO was allotted yesterday at the head office of the commercial bank in Kathmandu at 7.90percent to retail investors who had applied up to Rs 50,000 and 3.09 percent to big investors.However, those who had applied...

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Civil Bank, Civil Merchant and Axis bank merged

Endorsing the final deal on the merger through their special Annual General Meetings held yesterday, Civil Bank Limited, Civil Merchant Bittiya Sanstha and Axis Development Bank Limited have decided to name the merged entity as ‘Civil Bank Limited’.The separately held special AGMs also gave the final nod to the swap ratio of 1:0.79 for the commercial and the other two BFIs following DDA Report prepared by BRS Neupane and Company.They have also decided to retain the Board of Directors and senior officials of all three BFIs. It may be noted...

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Samsung Galaxy S5 to be launched in Nepal by mid-April

KATHMANDU, March 2: Samsung Galaxy S5 will hit the Nepali market by the second week of April. Officials of International Marketing Service (IMS) said the new offering from the South Korean technology giant will take Samsung mobiles to a new high in Nepal as well as in the global market. The phone was announced during Mobile World Congress, Barcelona on February 24. It is being launched globally in the first week of April. “We are trying our best to unveil the phone in Nepal during the global launch in the first week of April. If it´s...

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NIC Asia to distribute 20% Cash Dividends

The first Annual General Meeting of NIC Asia Bank Limited following the merger of NIC Bank and the Bank of Asia has concluded in Biratnagar endorsing 20 percent cash dividend to the commercial bank’s shareholders from the net profit it posted in the last fiscal year 2069/70.Addressing the AGM, the bank management informed that cash dividend will be distributed from March 4.Observed as the 16th Annual General Meeting, the annual event also elected Jagadish Prasad Agrawal, Trilok Chandra Agrawal, Tulsi Ram Agrawal, Lokmanya Golchha and Ram...

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South Korea allocates 5,700 jobs for Nepali workers

KATHMANDU, MAR 02 -   The South Korean human resource department has allocated 5,700 jobs to Nepali workers for 2014 under the Employment Permit System ( EPS ). The workers will be selected from a roster of some 9,700 aspirant Nepali migrants who have successfully completed the Korean language test. South Korea had hired 5,234 Nepali migrants in 2013.   Korea Employment Permit System ( EPS ) in Nepal said the quotas will be applicable to those who will work in the manufacturing sector. The ceiling allocated to Nepali workers...

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Number of Troubled Cooperatives on the rise

KATHMANDU: The number of troubled cooperatives has doubled in the last three months. The number of savings and credit cooperatives that are considered crisis ridden reached 148, by the end of February. Back in early December, there were 71 such troubled institutions when a high level committee to inquire into problematic savings and credit cooperatives was formed. So far, the victims have lodged 16,859 complaints of financial misappropriation against the cooperatives. Among the total complaints lodged, the commission has processed 9,348...

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Century Commercial Bank IPO allotment from March 3rd

The Initial Public Offering (IPO) worth Rs 92 crore issued by Century Commercial Bank Limited will be allotted on March 3 at the office of the commercial bank in Kathmandu, according to highly placed sources privy of the development. The reliable sources also informed that the IPO allotment model is such that the IPO will be allotted at an impressive 7.90percent to retail investors who had applied up to Rs 50,00 and at  just 3.09 percent to big investors. This means that the smaller investors will be benefitted more from the allotment...

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