Neco Insurance 15th AGM to approve 20% bonus shares; AGM on Poush 28; Book closure for AGM & 100% right share on Poush 14

Neco Insurance Company Limited (NIL) will be convening its 21^st  Annual General Meeting (AGM) on Poush 28, 2072. The AGM will be held at Nepal Tourism Board, Bhrikutimandap, Kathmandu at 10 AM. Main agendas of the AGM are:

• To endorse 20% bonus shares and cash dividend worth Rs 34,10,986 for tax purpose from the net profit it earned from the fiscal year 2072/73. The fractional bonus share will be rounded to the nearest whole number.
• To amend Article of Association and Memorandum of Association as per directed by registrar officer on following agendas:

1. To change the registered address of the company.
2. After issuance of bonus share, its paid up capital will increase and amend article of association accordingly.
3. To increase allowance of CEO.

Other agendas of the AGM include financial highlights of the FY 2072/73 and appointment of auditor. The book closure date for the AGM has been set for Poush 14, 2073 till Poush 28, 2073. Only the shares registered one trading day ahead of the book closure date i.e. Poush 13, 2073 will be eligible for the 20 percent bonus shares and 100 percent right share which was approved from Securities board of Nepal (SEBON) and its 20th AGM. Neco Insurance will be issuing 1:1 (100%) rights issue of 3,240,436.45 numbers of equity shares at the face value NPR 100/-each to be issued to the existing shareholders at par. NIL had earned net profit of Rs 2.50 crore in the first quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 32.40 crore. After issuance of 20% bonus and 100% right share, its paid up capital will reach to Rs 71.28 crore. Its last traded price stood at Rs 1, 744 as on December 20, 2016.