Shikhar Insurance to approve 29% bonus share; 13th AGM on Poush 7

  Shikhar Insurance Company Limited (SICL) will be conducting its 13^th Annual General Meeting (AGM) on Poush 7, 2074. The AGM is going to be held at the insurance company’s central office at 11:00 AM. The main agendas of the AGM are:

• To endorse 29% bonus shares and 1.52% cash dividend from the net profit of FY 2073/74.
• The company had endorsed issuance of FPO shares from the previous AGM but due to the new regulation set by the  Securities Board of Nepal (SEBON) the company is not eligible to issue FPO so the company has endorse to cancel the agenda of FPO and amend article of association accordingly.
• To increase issued and paid up capital.
• To change the shareholding structure of the company by converting 20% shares from promoter shareholding to ordinary and maintain 44% from existing 30%.
• Authorized BOD to endorse money for the charity as a part of Corporate Social Responsibility (CSR).
• To amend the Memorandum of Association (MOA) and Articles of Association (AOA).

Other agendas of the AGM are major financial highlights of FY 2073/74, appointment of auditor and directors for the FY 2074/75. The book closure date for the AGM has been set on Mangsir 22,2074 till Poush 7, 2074. Thus only those shareholders owning shares till Mangsir 20, 2074, i.e. ahead of the book closure date are eligible to participate in the AGM and proposed bonus shares. SICL had earned Rs 9.55 crore in the first quarter of the fiscal year 2074/75. After the issuance of this bonus share, its paid up capital will reach Rs 1.05 crore from existing Rs 81.76 crore. As per Insurance Board’s directive for all non-life insurance companies to increase their paid up capital to a minimum of Rs 1 arba by the end of FY 2074/75, SICL will meet the capital requirement by issuing this bonus share.