Kathmandu: Nepal Insurance Company has convened a general meeting on June 12. The company will propose to distribute 11% bonus share from the last financial year’s profit and 0.578% cash dividend to pay taxes.
Similarly, it is proposed to increase the authorized capital from Rs 2 billion to Rs 2.60 billion. There will be election of 2-2 directors from the founders and general shareholders group representing in the board of directors.
As the capital will reach Rs. 1.37 billion after the distribution of the proposed bonus shares, the management letter and rules will be amended accordingly. There is also a proposal to review the meeting allowance and facilities of the board of directors and sub-committee. Assembly, Nepal Tourism Board, Exhibition Road will start at 11 am in Kathmandu.
For the purpose of the general meeting, Nepal Insurance will close the book from May 30. The existing shareholders will be able to participate in the meeting and receive dividend till June 30.
As of the third quarter of the current fiscal year, the insurance company has earned a net profit of Rs. 179.46 million. Its earnings per share is Rs 14.45 and net worth per share is Rs 187.71.