Life Insurance Corporation (LICN) Proposes To Distribute No Dividends for FY 077/78

Life Insurance Corporation Nepal Limited (LICN) has proposed to distibute no dividends to its shareholders from the profit and loss from the fiscal year 2077/78.

In a press release issued by the company, it stated that the 125th meeting of the Board of Directors (BOD) of the company decided to present the financial report of the FY 2077/78 to the regulatory body Nepal Insurance Authority for approval.

Similarly, in the meeting a consensus was reached after reviewing the financial report of the FY 077/78, that the company will not distribute any dividends to its' shareholders from profit/loss statement of FY 077/78.

For the fiscal year, 2076/77, LICN had distributed total dividend of 21.0526 (20.00 % bonus dividend and 1.0526 as cash dividend) while for FY 2075/76 it had provided 10.5263 per cent total dividend including 10.00 per cent bonus shares and 0.5263 per cent cash dividend for tax purposes. 

The current paid-up capital of LICN is Rs. 2.65 Arba. 

The 119th meeting of the board of directors of Life Insurance Corporation Nepal Limited held on Bhadra 13, 2079, the company had decided to issue the 88.45168% right shares worth Rs. 2,34,68,00,000 from its existing paid-up capital of Rs. 2.65 Arba, to increase its paid-up capital to minimum Rs 5 Arba as mandated by the regulatory body.