NB & Neco Insurance separate AGM on Ashwin 10; NB Insurance to endorse 80% right share; Neco to endorse 10% bonus & 50% right share

NB Insurance Company Limited (NBIL) will be convening its 20th Annual General Meeting (AGM) on Ashwin 10, 2074. The AGM is going to be held at Lainchaur Banquet, Lainchaur , Kathmandu at 11:00 AM. Main agendas of the AGM are:

• To increase its authorized capital up to Rs 2 arba.
• To endorse 10:8 (80%) right share to its shareholders.
• To increase issued and paid up capital and amend article of association accordingly.
• To change the logo of the company.
• To amend the meeting allowance of Chief Executive Officer (CEO).

• To amend article of association and memorandum of association as per directed by registrar officer or Insurance Board.

Other Agendas of the AGM include financial highlights of 2073/74 and appointment of auditor for the FY 2074/75. Only those shareholders owning shares till Bhadra 24, 2074 are eligible for the participation of the AGM. The register of their shareholders will close from Bhadra 25, 2074 to Ashwin 10, 2074 for the purpose of its upcoming AGM. A separate book closure notice will be published for the right shares. NB Insurance has earned net profit of Rs 10.09 crore in the fourth quarter of the fiscal year 2073/74. Its paid up capital stands at Rs 27 crore and after the issuance of 80 percent right share its capital will reach Rs 48.6 crore. Likewise, Neco Insurance Company Limited (NIL) will be convening its 22nd Annual General Meeting (AGM) on Ashwin 10, 2074. The AGM is going to be held at Nepal Tourism Board, Bhrikutimandap, Kathmandu at 11:00 AM. Main agendas of the AGM are:

• To approve 10 percent bonus share and cash dividend worth Rs 37,52,084 from the profit it earned in the last fiscal year 2073/74.
• To endorse 2:1 (50%) right share to its shareholders.
• After issuance of bonus and right shares its issued and paid up capital will increase and amend article of association accordingly.
• To manage the transfer ownership of right shares.

• To amend article of association and memorandum of association as per directed by registrar officer or Insurance Board.

Other Agendas of the AGM include financial highlights of 2073/74 and appointment of auditor for the FY 2074/75. The register of their shareholders will remain close from Bhadra 29, 2074 till Ashwin 10, 2074 for the purpose of its AGM. Only the shares registered one day ahead of the book closure date, i.e. Bhadra 28 are eligible for the bonus shares. A separate book closure notice will be publish for the right shares. Neco Insurance had earned Rs 21 crore in the fourth quarter of the fiscal year 2073/74. Its paid up capital stand at Rs 71.28 crore and after issuance of 10% bonus and 50% right share its capital will reach Rs 1.17 arba. As per the new guideline, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75 and NIL will meet the requirement after issuance of bonus and right share.