LICN to hold its AGM on March 10 to endorse 30% bonus shares

ShareSansar, February 3:

Life Insurance Corporation Nepal Limited (LICN)  has announced its Annual General Meeting on March 10.

The 12th AGM of the leading insurer scheduled at the city hall in Kathmandu will formally endorse 30 percent bonus shares to its shareholders from the net profit it posed in the last fiscal year of 2069/70.

Amending its previous decision to give 20 percent bonus share in 64th BOD meeting,  the insurance company in January had decided to increase further 10 percent in its dividend declaration.

The leading insurance company has said that the bonus shares will be issued on the basis of the paid-up capital after the distribution of rights shares is completed. The company has also informed that after the completion of right share process, its paid up will be Rs 50.62 crore.

Currently it is distributing 25 percent rights issues to the shareholders.

The insurance company had, however, posted first quarter net earnings of Rs 20.88 lakh, a huge slide from the corresponding quarter net earnings of 71.72 lakh.