A BRIDGE TO END COMMUTERS TROUBLES. Regional Director Ador Canlas (second fom left) of the Department of Public Works and Highways and District Engineer Nicomedes Leonor inspect the installation of a temporary steel bridge in Dumlog, Sibonga. A flash flood during tropical storm Seniang nearly two weeks ago washed out the soil beneath the bridges approach. (SUN.STAR PHOTO/ALEX BADAYOS)

THOSE who depend on buses and trucks to reach Cebu City from some southern towns will have to wait one more week before they can use the old route that crossed Barangay Dumlog in Sibonga town.

Department of Public Works and Highways (DPWH) 7 Director Ador Canlas headed yesterday the launching or installation of steel decks, which are among the main parts of a temporary steel bridge that vehicles will be able to use.

The steel bridge had to be constructed after an 18-meter approach to the Dumlog bridge collapsed during a flash flood caused by tropical storm Seniang. The bridge connects Argao and Sibonga towns.

Canlas said the installation of the steel decks may take five days, but that DPWH will try their best to do it faster.

Now in place

Agency officials hope the steel bridge will be passable before the key events of the Sinulog festival, which include the solemn procession on Jan. 17 and the grand parade on the day after.

At least 133 steel plates will be placed on the temporary bridge.

Yesterday, the materials needed for the steel bridge arrived, including the transoms (which will hold the steel decks) and trailer. The heavy equipment and transoms were supposed to arrive last Thursday from Cagayan de Oro, but the DPWH encountered a problem.

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Deadline: Sinulog

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What Decks You The Viewers Want to See Get Support Coffee Time
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Top 10 Decks | Janurary 2015 |

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Top 10 Decks | Janurary 2015 | - Video

Bengaluru, Jan 8:

Decks have been cleared for the merger of ING Vysya Bank with Kotak Mahindra Bank with the shareholders of both the banks approving the amalgamation proposal at their respective extraordinary general meetings (EGMs) convenedon Wednesday.

Both ING Vysya Bank and Kotak Mahindra Bank informed the stock exchanges separatelyon Thursdaymorning about securing their shareholders approval for the proposed scheme of amalgamation.

The Bengaluru-headquartered ING Vysya Bank said the proposed scheme of amalgamation was approved by 89.04 per cent of the shareholders present at the EGM, representing 96.89 per cent of the value.

Kotak Bank said 99.30 per cent of its shareholders present at the EGM, representing 99.93 per cent in value approved the proposed merger.

The Kotak Mahindra Bank scrip gained 2.74 per cent in the early tradeon Thursdayand was trading at Rs 1,305.50, while ING Vysya Bank shares were up 3 per cent at Rs 904.70 on the BSE.

Share swap ratio

The amalgamation is subject to the approval from the Reserve Bank of India, Competition Commission of India and such other approvals as may be required, both the banks said. The share exchange ratio has been fixed at 725 equity shares of Kotak Bank for every 1,000 shares of ING Vysya Bank. The proposed merger will create a new entity that will be the fourth largest private sector bank in the country after ICICI Bank, HDFC Bank and Axis Bank.

A section of employees of ING Vysya Bank have been opposing the proposed merger seeking assurances from Kotak Mahindra Bank on job security and protection of their wages. Kotak Mahindra and ING Vysya had announced the proposed merger in November in a Rs 15,000-crore deal.

(This article was published on January 8, 2015)

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ING Vysya, Kotak Bank get shareholders nod for merger