Neco Insurance proposes 20% stock dividend; 100% right share in pipeline

Neco Insurance Company Limited (NIL) has decided to distribute 20 percent bonus share to its shareholders. As per the notice published on Nepal Stock Exchange today, the BOD meeting of the company held on Kartik 7, 2073 has proposed 20 percent bonus share and 1.05 percent cash dividend for tax purpose to its shareholders from the net profit it earned in the last fiscal year. The decision is subject to approval from Insurance Board and the company’s upcoming Annual General Meeting (AGM). In the fiscal year 2071/72, NIL had distributed 15% bonus share to its shareholders. Also, NIL will be issuing 100 percent right share to its shareholders after receiving approval from Securities Board of Nepal (SEBON). NIL had earned net profit of Rs. 12.60 crore in the fourth quarter of last fiscal year 2072/73 as per unaudited report. It’s paid up capital remains at Rs. 32.40 crore. After distributing 20 percent bonus share it’s paid up capital will rise to Rs. 38.88 crore.