The stock price of Global IME Bank shares jumped by 10 per cent on the first day of trading since its merger with Commerz and Trust Bank Nepal.
The shares of merged Global IME Bank went up to Rs 472 by the time the market closed for the day on Wednesday. The bank’s shares registered 9.77 per cent gain from its debut price of Rs 430 for the day.
The shares of the bank were last traded on November 10, 2013 before it formally announced the merger with another commercial bank, Commerz and Trust Bank Nepal. Although, investors seemed keen on trading the bank’s shares, only 60 units changed hands in five transactions.
Global IME Bank and Commerz and Trust Bank Nepal, that had initiated the merger talks back in November, 2013, concluded their merger on April 9. The banks had fixed 100:65 swap ratio for the shares — that is, each 100 units of Global IME Bank was equivalent to 100 units of shares of the new bank whereas each 100 units of Commerz and Trust Bank was equal to 65 units of the new bank.
Following the merger, the new Global IME Bank saw its profit jump 100 per cent in the third quarter that ended in mid-April.
source: the himalayan times,30 april 2014
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The shares of merged Global IME Bank went up to Rs 472 by the time the market closed for the day on Wednesday. The bank’s shares registered 9.77 per cent gain from its debut price of Rs 430 for the day.
The shares of the bank were last traded on November 10, 2013 before it formally announced the merger with another commercial bank, Commerz and Trust Bank Nepal. Although, investors seemed keen on trading the bank’s shares, only 60 units changed hands in five transactions.
Global IME Bank and Commerz and Trust Bank Nepal, that had initiated the merger talks back in November, 2013, concluded their merger on April 9. The banks had fixed 100:65 swap ratio for the shares — that is, each 100 units of Global IME Bank was equivalent to 100 units of shares of the new bank whereas each 100 units of Commerz and Trust Bank was equal to 65 units of the new bank.
Following the merger, the new Global IME Bank saw its profit jump 100 per cent in the third quarter that ended in mid-April.
source: the himalayan times,30 april 2014
LINK
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