Alliance Insurance holds AGM

KATHMANDU, MAR 09:

Alliance Insurance Co Ltd held its 17th annual general meeting (AGM) that has proposed to distribute 10 per cent stock dividend to its shareholders from the profit of last fiscal year. The insurance company has a target to increase its paid up capital to Rs 250 million by the end of the current fiscal year, it said, adding that after distributing the proposed bonus shares its paid up capital will be worth Rs 160.23 million, insufficient to meet the requirement set by the Insurance Board

Thus, to increase the paid up capital to Rs 250 million — as set by the regulator — the AGM has also decided to issue 55 per cent rights shares. The insurance company, till the second quarter of the current fiscal year, has collected insurance premiums worth Rs 300.78 million and has been able to post a net profit of Rs 10.45 million. It recently added agro and livestock insurance to its business portfolio.

Source: THT