Trading of Neco Insurance suspended in Nepse due to flaws in bonus share allotment

Neco Insurance Company Limited (NIL) trading has been suspended in Nepal Stock Exchange Limited (NEPSE) from today (Jestha 18, 2073) as per the request from CDSC . Sabina Pujari, Head of Business Development in CDSC said, ‘The Company had issued 15 %bonus shares earlier. Some flaws in the allotment led to the inaccuracy in the bonus share making it slightly exceeding 15% of the previous total capital.’ Neco Insurance’s 20^th AGM held on Chaitra 20, 2072 had endorsed 15% bonus share to its shareholders. NIL earned a net profit of Rs 7 crore in the third quarter of the fiscal year 2072/73.It has paid up capital of Rs 28.17 crore. Of the total amount Rs 4.22 crore was allocated for bonus share.