Kathmandu. The 22nd Annual General Meeting of Shangrila Development Bank Limited has been held. The AGM of the bank was held at Alice Reception, Gairidhara, Kathmandu on Thursday.

The meeting approved a proposal to distribute a total dividend of 10.5263 per cent. This includes cash dividend (including tax) of 6.5263 per cent of the current issued and paid-up capital of the bank i. e. Rs 24,36,97,102.47 and bonus shares (including tax) of 4 per cent of the current paid-up capital i. e. Rs 14,93,62,740.22.

With the approval of this proposal, the paid up capital of Shangrila Development Bank will now stand at Rs 3.88 billion.

The AGM also elected a 6-member new board of directors unopposed for the next four years. Ujjwal Satyal, Sushil Kaji Baniya and Shyam Kumar Sharma have been elected from the promoter shareholders and Bishnu Prasad Dhakal, Krishna Prasad Regmi and Bhawana Agrawal from the general shareholders. The meeting of the newly elected board of directors held on the same day also elected Ujjwal Satyal as the chairman of the board of directors.

The AGM also endorsed the proposal of appointment of auditor, amendment of memorandum of understanding and merger and acquisition along with financial statements of FY 082/83.