IME Life Insurance to Discuss IPO Issuance, Company Calls AGM on Baisakh 14

IME Life Insurance Company Limited has called its 14th AGM on 14th Baisakh, 2079. The meeting will be held in Radisson Hotel, Lazimpat, Kathmandu, starting at 11 am that day.

These are the agendas of the AGM:

1) Endorsement of financial reports for the fiscal year 2076/77.
2) Endorsement of annual reports presented by the chairman.
3) Appointment of auditor for the fiscal year 2077/78 and approval of their compensation.
4) Regarding BOD meeting fees and benefits.
5) Regarding the election of BOD.
6) Regarding the issuance of IPO.
7) Misc.

AGM notice

The insurance company has already submitted an application to the regulator to issue an IPO for 60 lakh unit shares. The application was submitted on Jestha 31 earlier this year.

IME Life Insurance has received a Care NP BBB rating from Care Nepal rating agency for its upcoming IPO of 60 lakh unit public shares. This rating indicates a moderate grade safety of the agency. After floating the IPO shares, the paid-up capital of the insurance company will scale up to Rs 2 Arba thereby restructuring the promoter-public share structure at 70-30%.

The young life insurance company has been providing its services with 120 branches and more than 18K plus insurance agents spread all across the nation, as per the media statement. The life insurance company has posted a net profit of Rs 100.13 million and published its 3rd quarter company analysis of the fiscal year 2077/78.

Civil Capital Market has been appointed the issue manager for the proposed IPO issue.