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Sunrise Bank proposes 10:6 Right Shares
Published by Octron on November 4, 2009
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On the very day of its listing Sunrise Bank annouced its proposal to increase its paid up capital to meet Agenda 2010. The BOD meeting of Sunrise Bank Ltd. has decided to propose 10:6 right share subject to approval from NRB and its upcoming AGM and has decided to amend the provision of MOA and AOA as required by DhitoPatra Darta Tatha Niskasan Niyamabali, 2065.
The declaration seems to have negative impact upon its trading dragging down its opening price Rs. 499 to Rs. 450 on the very day of its trading. At the moment (04 Nov 2009, 14:00 Hrs) its price have further dipped down to Rs. 430 (-4.5%). The immediate decision to give away right share as soon as its listing has already generated suspicion against bank credibility and its future. The picture might be clear once bank annouces its first quater financial reports of 2066/67. Investors are getting much wiser thesedays instead of running behind right shares of new banks at low price, they choose blue chip banks which can give better bonuses or dividends at reasonable price.
As per the fourth quarter financial report (2065/66), Sunrise Bank Limited has posted Rs. 102.548 million net profit and Rs. 127.923 million operating profit. Likewise, the bank has paid up capital of Rs. 1.337 billion and holds Rs 12.208 million deficits in its reserve and surplus account.
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