BUSINESS BRIEFS: GRI's earning up 17 pc

KATHMANDU, Aug 30: Gorakhkali Rubber Industry (GRI) has managed to production volume by 17 percent during the fiscal year 2009/10 compared to the production recorded a year earlier.



Issuing a press statement on Monday, GRI announced its working strategies to raise production in the coming year. [break]



At an interaction organized on Monday, most of the participating dealers say rising import of Indian tires can be controlled by boosting production and sale of Gorakhkali tires. They also suggested formulating marketing strategy to cope with the growing competition in the market.



On the occasion, Mahendra Lal Pradhan, proprietor of Him Shikhar International, was awarded the best dealer for selling highest number of tires in 2009/10.





BOA to give 10 pc cash dividend



KATHMANDU, Aug 30: Bank of Asia Limited (BOA) has decided to give 10.53 percent cash dividend to its shareholders from the profit earned in 2009/10.



The bank has decided to provide cash dividend as per its motive of ´developing together´. The BOD of the bank took the decision to this effect on Sunday.



Established in 2007, Bank of Asia is the 22nd commercial bank of the country.





Bhrikuti Dev Bank in Arghakhanchi



KATHMANDU, Aug 30: Bhrikuti Development Bank has opened its 11th branch in Sandhikharka of Arghakhanchi district.



The bank with an authorized capital of Rs 400 million and paid-up capital of Rs 230 million managed to mobilize Rs 1.5 billion in deposits and recorded an operating profit worth Rs 963 million in fiscal year 2009/10.



Issuing a press statement, the bank said it is preparing to upgrade into a national level development bank. The bank has been providing services to places like Rupandehi, Kapilvastu and Nawalparasi.



The new branch will provide all modern banking facilities, including the remittance and ABBS services, according to the statement.





Silver House in New Road



KATHMANDU, Aug 30: Silver House -- the exclusive silver retail outlet at Bishal Bazaar - has announced the opening of its new branch at New Road on the occasion of upcoming Dashain festival. Silver House also informed that it has received ISO 9001:2008 certification for quality management system.



Issuing a press statement, the company said it has been catering to the needs of the customers and has announced festive discount offers on its products like Tikadani, Puja Set, Karuwa, Kalash and Durga statue for the Dashain festival and statues of Ganesh and Laxmi and coins for the Tihar festival.



Established in 2005, Silver House has been the pioneer in silver retail business in Nepal and has been catering to the needs of huge clientele from the past five years. The store has more than 200 varieties of silver products and also deals with specialized products to offer for marriage and other ceremonies.



It also deals with decorative and gift items like dining wares such as crockery and wine glass among others.





Bishwo Bikash Bank allots share



KATHMANDU, Aug 30: Bishwo Bikash Bank has allotted 936,000 units of its ordinary shares to 27,043 persons, including its 65 employees. The bank had floated its share with face value of Rs 100 each for the public from July 16 to 20.



The bank had appointed Growmore Bank for the initial public offerings.





Bank of Kathmandu in Narayanghat



KATHMANDU, Aug 30: Bank of Kathmandu (BoK) has opened a new branch in Narayanghat of Chitwan.



Narendra Kumar Basnet, chairman of the bank, opened the branch, the bank said in a statement. "The new branch will provide facilities to people of Mugling, Sauraha and Nawalparasi," the statement added.



BoK is planning to provide 15 percent cash dividend and 15 percent bonus shares to its shareholders from the profit earned in fiscal year 2009/10.



The bank recorded a profit of Rs 510 million in the fiscal year 2009/10. It operates with a network of 37 branches, six counters and 41 ATM terminals across the country.

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